Calpers signals ‘appetite’ to increase bets on private equity

Calpers, the biggest US public pension plan, is considering bigger bets on private equity despite growing fears that higher interest rates will curb the industry’s returns.

Chief executive Marcie Frost said that the $442bn-in-assets retirement fund, one of the world’s biggest investors in private equity, will start an extensive review of its holdings in this sector next month, adding that there is “appetite” to increase its allocation.