US - The California Public Employees' Retirement System (CalPERS) has awarded Standard Life Investments (Private Equity) Limited a €400m European private equity mandate for the pension fund's alternative investment management programme.
The mandate will be managed in a fund called ESP Golden Bear Europe Fund.
David Currie, chief executive of Standard Life Investments (Private Equity) Limited (SLIPE), said this was the company’s fourth major segregated mandate from a North American client, and over 50% of its assets under management were now from North America.
Currie said: “We expect the ESP Golden Bear Europe Fund to shortly start making commitments to European private equity funds and we are looking to create a strong co-investment portfolio.”
Russell Read, chief investment officer at CalPERS, said it had a particular need for a partner who would focus exclusively on small to middle market European private equity.
The latest development comes after Global Pensions reported on 11 September 2007 that CalPERS had moved towards creating a focused inflation-linked asset class which would include allocating up to US$2.5bn in a pilot infrastructure programme.
The infrastructure programme will take advantage of major investment opportunities in the construction of roads, bridges, airports, utilities, water systems and other projects.
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