WASHINGTON, June 7 /CNW/ - PCG International LLC, of Washington, D.C.,
today announced it has closed on a private equity investment vehicle, PCG
International Emerging Markets Fund Investments (the "Fund"). Backed by a $400
million investment from the California Public Employees' Retirement System
(CalPERS), the Fund will invest in private equity funds in international
markets including Japan, China, India, Central Europe, Latin America and
Steve Cowan, a Managing Director of PCG International LLC, said: "We
appreciate CalPERS' confidence in us, our investment strategy, and our ability
to generate exceptional investment returns. We intend to reward that
confidence by helping CalPERS gain access to top-decile private equity
partnerships in the dynamic markets on which we focus through our disciplined,
CalPERS' existing private equity portfolio has benefited from being
globally positioned, with strong performance and diversification coming from
its European and Asian investments. CalPERS also noted that the new PCG
International fund will provide CalPERS with additional reach into attractive
investment markets around the world. The PCG International vehicle will focus
on investing in premier partnerships employing a variety of investment styles
and strategies including venture capital, buyout and acquisition financing,
growth and expansion capital, and mezzanine financing.
"Our partner has a very good emerging markets team that will access a
broader range of institutional-quality funds than we have had in the past,"
said Russell Read, CalPERS' Chief Investment Officer. "This new vehicle will
give us exposure to promising firms that may become significant players down
the road. This initiative also will help us advance the strategic realignment
of CalPERS' Alternative Investment Management (AIM) Program that we began last
Joncarlo Mark, CalPERS' Senior Portfolio Manager, added: "We are very
excited about our partnership with PCG International. We believe that PCGI has
a cohesive team and a depth of expertise across regions including Asia,
Central Europe, Latin America and Africa that is unique in the marketplace."
CalPERS is the largest public pension fund in the U.S., with more than
$240 billion in assets. It administers retirement plans covering approximately
1.5 million active and retired California public employees and their families.
The AIM Program has active commitments of $33.4 billion and $14.1 billion in
market value as of December 31, 2006.
For further information:
For further information: PCG International: Roy Winnick, 212-521-4842
Kekst and Company CalPERS: Clark McKinley/Pat Macht, 916-795-3991 Office of