The California Public Employees' Retirement System, the largest US pension fund, has lost $45m (€37m) from its investment in Thomas Weisel Partners after the US bank floated yesterday.
The fund invested $100m for a convertible 10% stake of the San Francisco-based Weisel in 2000, when the technology-focussed investment bank was at the height of its popularity. The stake was increased to 11.1% prior to the flotation.
