US - The California Public Employees' Retirement System (CalPERS) has acquired a minority ownership stake of 9.9% in Silver Lake Group.
CalPERS has also committed to making additional investments as a limited partner in Silver Lake funds which would see a representative from CalPERS joining Silver Lake's Management Advisory Board.
Glenn Hutchins, co-founder and co-chief executive of Silver Lake, said: "The CalPERS investment and strategic partnership with us provide tremendous benefit to Silver Lake and our limited partners by bringing important long-term funding that supports expansion of our technology investment leadership.
"We are extremely pleased to have this vote of confidence from CalPERS as we focus on building out our successful platform to drive the future growth of Silver Lake and continue creating superior value for our investor," added Hutchins.
The US$245bn pension fund was unwilling to discuss the monetary amount the 9.9% stake constituted but disclosed that it had committed more than $700m to four Silver Lake funds.
These included $73.2m to Silver Lake Partners I in 1999, $125m to Silver Lake Partners II in 2004, $400m to Silver Lake Partners III in 2007 and also $120m to Silver Lake Sumeru in 2007.
Silver Lake's funds' assets under management were last valued at more than $16bn.
Leon Shahinian, senior investment officer of CalPERS Alternative Investment Management Group, added: "They (Silver Lake) have consistently demonstrated success in creating value for their investors, and our partnership is a natural progression of a mutually beneficial relationship dating from 1999 when CalPERS was an LP in Silver Lake's first fund."
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