Margaret Brown said doing so would be necessary until an investigation is completed into former CIO Ben Meng's financial disclosures.
The $103.9bn pension's private equity staff says that distressed managers are ideally positioned to take advantage of the crisis's aftermath over the next several years.
BCI, which is aiming to split its PE portfolio equally between direct deals and fund investments, last year increased directs' share to 38 percent.
The $216bn pension has committed more capital to private equity during the covid crisis than it did during the same period last year.
Meng was in the process of launching a leveraged push into private equity and private credit.
Steve Mermell said CalPERS was not representing the actual level of risk in its plan and is not being sufficiently transparent.
Carbone says family capital's flexibility and patience may be appealing to family- and founder-owned businesses facing headwinds due to covid.
The $75bn fund's benchmarking structure makes it hard to measure private equity performance during periods of market volatility.
New Jersey, pension, funds, capital
Corey Amon, director of the state's $75bn Division of Investment, says staff will hike the PE allocation gradually.
The company, Areas USA, returned the funds shortly after receiving them.
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