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Article: CALPERS' FAILED INVESTMENTS SPAN BUYOUTS, PROPERTIES.(NEWS)
- Article from:
- Pensions & Investments
- Article date:
- September 21, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ARLEEN JACOBIUS
Here's a sampling of CalPERS' private equity and real estate investments that soured.
* Aleris International Inc., Beachwood, Ohio, which TPG Capital bought three years ago in a $3.3 billion leveraged buyout that included $2.5 billion of debt. Aleris filed for Chapter 11 bankruptcy protection in February. The California Public Employees' Retirement System, Sacramento has committed $3.1 billion in TPG-sponsored funds since 2000, according to a Pensions & Investments analysis of CalPERS data.
* Masonite International Corp., Tampa, Fla., which Kohlberg Kravis Roberts & Co. took private in 2005 in a $2.7 billion buyout, filed ...