The $216bn California Public Employees’ Retirement System (Calpers) is severing its ties with Pacific Corporate Group (PCG) as part of the pension fund’s ongoing strategic review of its private equity program and investment partners.
Calpers said it would retain a relationship with a part of the team formerly known as PCG Corporate Partners, now renamed KMCP Advisors (after its four principal employees), to manage the remaining investments in the two funds it manages worth $1bn. Corporate Partners provided $20m to $75m per deal as growth capital for established companies.