California Public Employees' Retirement System (Calpers), the world's largest pension fund, has demonstrated its continued commitment to private equity with investment in five new funds in August, despite its annual results showing a marked decline in the asset class.

Calpers has invested $409m (€449m) in private equity, in the same month that it reported an 11% decline in its $5.5bn private equity portfolio. The fall was in line with Venture Economics' benchmark for private equity investments of 11.2% over the same period. Calpers' show of faith, as one of the largest investors in private equity, will reassure the industry, which has lately expressed concern at the poverty of the fund-raising climate.