The California Public Employees' Retirement System, the largest US pension fund with $207.4bn (€170bn) under management, has raised the amount senior staff may authorise for individual buy-out deals eightfold. The maximum amount had been $50m. It is now $400m.

Calpers' chief investment officer has also been given the authority to commit up to $600m to the asset class, previously capped at $75m.