BioCentury
ARTICLE | Finance

CalPERS goes direct

How CalPERS’s proposal to allocate $13B to direct investments could help biotech

June 1, 2018 9:29 PM UTC

The strong performance of direct life science investments made by some sovereign wealth or pension funds could be part of the rationale for CalPERS’s plan to launch its own direct investment fund that could funnel billions into private biotechs.

California Public Employees’ Retirement System (CalPERS) announced plans last month to launch CalPERS Direct, a separate entity that would make direct private equity investments from two funds. The first would focus on late-stage technology, life sciences and healthcare, while the second would invest in “established” companies. ...