Calpers, the largest U.S. pension fund at $230 billion, announced it would commit $400 million each to two new cleantech private equity funds to invest in companies in Eastern Europe, Latin America and Asia.
The fund will invest in energy, water and material technologies, products and services that reduce carbon emissions, conserve natural resources and improve energy efficiencies.
The new fund builds on Calper's current investment of $200 million.
Calpers plans to be the anchor investor in the fund, which will seek other investors.
The investments will be managed by California-based Pacific Corporate Group, subject to final negotiations.