CalPERS Forms Strategic Partnership with Washington, D.C.-Based Carlyle Group; CalPERS Commits $425 Million to Firm with Option to Invest Additional $425 Million.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--Feb. 1, 2001 The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees' Retirement System (CalPERS CalPERS California Public Employees' Retirement System ) announced today that it has invested $425 million as part of a strategic financial relationship with The Carlyle Group  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. The Carlyle Group is a Washington, D.C. , one of the world's largest global private equity firms. CalPERS initial investment will consist of two elements: -- a $250 million investment in various new Carlyle private equity funds; and -- a $175 million investment for a minority equity stake in The Carlyle Group. Over the next two years, CalPERS has an option to invest an additional $425 million as part of the relationship with Carlyle. "We have maintained a strong relationship with Carlyle over the past five years, and have been very pleased with the firm's performance," said William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack D. Crist Crist is the title given to a group of Anglo-Saxon religious poems by the medieval poet Cynewulf, divided into Crist I, II, III (or A, B, C), and dealing with Christ's Advent, Ascension, and Last Judgment respectively. A total of 1664 lines are preserved. , President of CalPERS Board of Administration. "It was important to extend this relationship with an equity interest that will enable us to participate in the firm's growth and success." CalPERS began its investment relationship with Carlyle in April 1996 with an $80 million investment in Carlyle Partners II, L.P., and later made a $150 million investment in Carlyle Partners III, L.P. in June 2000. "We are convinced that our relationship with Carlyle will strengthen their global capabilities," said Michael Flaherman, Chair of CalPERS Investment Committee. The investment with Carlyle is the most recent investment made by CalPERS Alternative Investment Management program. The System has more than $16 billion invested or committed to be invested in the private equity arena. The Fund's total assets across all investment classes are approximately $170 billion. CalPERS provides retirement and health benefits to more than 1.2 million state and local public employees and their families. For further information on CalPERS, please visit our web site at www.calpers.ca.gov. The Carlyle Group, based in Washington, D.C., has offices around the world and manages over $12.5 billion of private equity capital in 14 active buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. , venture, real estate, high-yield, and energy funds. Founded in 1987, Carlyle has invested $5.2 billion in equity and achieved at 34% annual return. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion