During the next two years, CalPERS could invest an additional $425 million as part of the relationship with Carlyle. CalPERS's made its first investment with Carlyle in April 1996 when it put $80 million in Carlyle Partners II, LP, and its second in June 2000 when it placed $150-million in Carlyle Partners III, LP. The Carlyle investment is CalPERS Alternative Investment Management program's most recent investment. CalPERS has more than $16 billion invested or committed in the private equity arena.

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