The California Public Employees’ Retirement System(CalPERS)has allocated US$546 million to a European private equity manager.

Standard Life Investments(Private Equity)Limited(SLIPE)will deploy the capital into small to middle market buyout funds in Europe, creating a middle market European fund of funds.

“Our new partner offers us unique access to the premier managers and co-investment opportunities in Europe, leveraging SLIPE’s strong relationships and proven track record,” says Russell Read, the pension fund’s chief investment officer. “We have a particular need for a partner who will focus exclusively on small to middle market European private equity.”

Since 1990, CalPERS has invested in private companies primarily through limited partnerships or funds, typically with managers or general partners acting as third parties that invest the pension fund’s capital.

Earlier this week, CalPERS announced it would allocate up to $2.5 billion in a pilot infrastructure program.

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