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Report: CalPERS set to launch dedicated private equity direct investment model

California Public Employees' Retirement System is starting a dedicated entity to carry out direct private equity investments, according to Sovereign Wealth Fund Institute.

CalPERS Direct is expected to launch in the first half of 2019, pending a final review from CalPERS' board.

The pension expects to need to invest $13 billion annually to reach a 10% portfolio allocation in private equity, according to the report. The last time CalPERS allocated that level of investment in private equity was in 2014, Sovereign Wealth Fund Institute wrote.

CalPERS, one of the largest pension funds in the world, had a total fund market value of $326.4 billion for the 2017 fiscal year.