Californian Public Employees' Retirement System (Calpers), the world's largest pension fund, has put $560m (€640m) into a merchant bank that aims to attract institutional funds for private equity investment.
A spokesman for the fund described the merchant bank, called The Yucaipa Companies, as the first of its kind. He said: "Yucaipa has built a strong track record by working in partnership with employees and with the communities in which it invests. This uniquely qualifies it as a trusted source for union and public pension funds, which are sensitive to corporate governance and employee issues."
