Goldman Sachs and Credit Suisse First Boston have won the right to borrow from four international equity portfolios at California Public Employees' Retirement System's (Calpers) latest securities lending auction.

Dan Keifer, a portfolio manager at the $177bn (€202bn) Sacramento-based pension fund, said that Goldman and CSFB each won the right to borrow two international portfolios, totalling $2.4bn. It is believed that Europe, Australasia and Far East as well as Asia Pacific free mandates were among the four portfolios up for auction. Keifer declined to comment on the breakdown of the portfolios, but noted that the fund will be going through the whole investment portfolio bidding off most of it. Eventually, Calpers wants to be able to split portfolios by country for loan.