The California Public Employees' Retirement System, the $219bn (€174bn) US public pension fund, has doubled its investment into private equity in its home state, handing the brief to a San Francisco-based fund manager.

The $500m investment, which is part of Calpers' California Initiative Programme, will be managed by San Francisco-based Hamilton Lane.

Calpers doubles California private equity investment

Renée Schultes

Hamilton Lane

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Find out who is on the move in the City and beyond this week

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The hedge-fund founder is asking triple what he paid for the Bali-inspired Manalapan estate in 2017.

British Billionaire Chris Rokos Wants $150 Million for His Florida Mansion

The announcement comes as USS Investment Management said it won’t bid for the property firm.

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Assura

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The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

Successful firms are increasingly split between behemoths with several business lines and those focusing on their roots of buying companies.

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The Chinese technology giant has begun tests to integrate homegrown startup DeepSeek’s AI model into its Weixin messaging app.

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Tencent Shares Hit More Than Three-Year High as App Launches DeepSeek Testing

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