私募股权圈子现在流行一个笑话，说是加州公务员退休基金（CalPERS）现在已经成了业界中神一样的存在。自从里尔•德斯洛切斯去年成为CalPERS的掌门人以来，该基金只做出了寥寥可数的几笔资本承诺。看来这个养老金巨头在托管费用上极为精打细算，甚至导致它的一些长期普通合伙人都到别处去寻找资本了。

    我们改天再去讨论这是否是个聪明的战略，看它是否是省小钱吃大亏。

    今天要关注的是一条独家新闻：CalPERS正在与黑石集团（The Blackstone Group）就一个大型的定制托管账户进行谈判，目前谈判已经到了收关阶段。据传双方最早在下周就将签订协议。

    目前双方并未披露谈判的细节，但我们几乎可以肯定这个账户的规模在10亿美元以上，结构应该与去年年末黑石和新泽西投资局（New Jersey Division of Investment）议定的账户结构差不多。它也可能足以与德克萨斯教师退休基金（Texas Teachers' Retirement System）去年和阿波罗全球管理公司（Apollo Global Management）以及科尔伯克-克拉维茨-罗伯特公司（Kohlberg Kravis Roberts & Co）签订的30亿美元的托管账户相媲美。

    这没准儿就是CalPERS一直想要的公关壮举，因为这种交易一般都涉及低于市值且需遵守机构有限合伙人协会（ILPA）私募股权准则的费用结构（至少对于涉及私募股权的部分是这样的）。现在还不知道这笔交易是否会包含CalPERS向黑石集团第六期基金（Blackstone Capital Partners VI）注资5亿美元的承诺，也不知道这是否意味着CalPERS或黑石第六期基金的所有投资人会获得有追溯权的费用变更。

    黑石和CalPERS都拒绝对此发表评论。

    译者：朴成奎

    A running joke in private equity circles is how the California Public Employees' Retirement System (CalPERS) has become the industry's invisible 800 lb. gorilla, having made just a small handful of new fund commitments since Real Desrochers took over the program early last year. Seems the pension giant has been driving a very hard bargain on fees, causing even some of its longtime general partners to seek capital elsewhere.

    Some other day we'll discuss whether this is smart strategy, or if its penny-wise/pound-foolish.

    For today, some related scoop: CalPERS is in the final stages of negotiating a large, custom-managed account with The Blackstone Group (BX). Word is that an agreement could be signed as early as next week.

    No details yet on the specifics, but we'd be almost certainly be talking $1 billion-plus with a structure somewhat similar to what Blackstone negotiated with the New Jersey Division of Investment late last year. Or perhaps as large as the pair of $3 billion managed accounts that the Texas Teachers' Retirement System signed last year with Apollo Global Management (APO) and Kohlberg Kravis Roberts & Co. (KKR).

    This could be the big PR splash CalPERS is looking for, given that such deals typically involve below-market, ILPA-compliant fee structures (at least for the PE-specific portions). Will be interesting to see if the deal is inclusive of the $500 million commitment CalPERS made to Blackstone Capital Partners VI, and if that would mean any retroactive fee alterations for either CalPERS or all BCP VI investors (depending on MFN clauses).

    Both Blackstone and CalPERS declined to comment.