The California Public Employees’ Retirement System has recently committed $150 million to the Carlyle Group’s latest venture, FINalternatives reports. Carlyle is raising its first financial services buyout fund, Global Financial Services Partners.

The fund aims to target distressed sellers in financial services sector, including banking, insurance, asset management and capital markets. It has raised over $600 million in commitments and is targeting a final size in excess of $1 billion.

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