CalPERS authorizes $105 million California investment program.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)--Nov. 8, 1994--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 ) Board of Administration has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: an investment program of $105 million for small middle-market companies. The announcement of the investment program took place today following agreement on terms of the program between CalPERS and the program sponsor, Kline Hawkes California, L.P. The program represents the third major investment commitment under the CalPERS California-Oriented/Created Investment Program. The investment, designed by CalPERS consultant, Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. Lane Advisors, aims at filling the financial resource gaps arising from the withdrawal of traditional financing sources for smaller middle-market companies in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , while providing the prospect of superior risk-adjusted investment returns for the retirement system. The investment program calls for the establishment of a Small Business Investment Company in which CalPERS plans to make an equity investment of $45 million. The balance of funding of $60 million for the program is expected to be provided by the Small Business Administration, a U.S. government agency which provides financing to small businesses. "This investment represents yet another unique vehicle to assist in the rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. of the California economy while maintaining the highest standards of investment prudence," stated Charles Valdes, chair of the CalPERS Investment Committee. He added that the investment in Kline Hawkes California, L.P., with CalPERS as the sole limited partner, joins two other investments that will provide capital to sectors of the state's economy which are in the greatest need and which generate the greatest impact upon preserving and creating jobs. CalPERS is the largest publicly funded retirement system in the nation, with assets totaling approximately $80 billion and with over one million members. CONTACT: California Public Employees' Retirement System Patrick Hill, 916/326-3711 |
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