CalPERS plots multi-billion-dollar opportunistic portfolio expansion

The dislocation from the COVID-19 market trends is helping support an expansion of the $385 billion California Public Employees’ Retirement System’s opportunistic portfolio, which houses private credit strategies.

The program will grow from 3% of assets to 5% of assets, representing an allocation increase of more than $8 billion to $19 billion in assets.

The opportunistic strategies within the program include bank loans, CLOs, market dislocation strategies, middle market direct lending, specialty lending, liquidity financing, real estate financing and structured products.

“This revision is in recognition of the increased market opportunity . . .

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