California Public Employees' Retirement System, the largest US pension fund, has taken its third stake in a buyout group after it announced its intention to increase its allocation to private equity from 6% to 10% last year.
Calpers, which manages almost $250bn (â¬170bn) in assets, bought a 10% stake in the Menlo Park and New York-based buyout house Silver Lake, according to the Wall Street Journal.
