PCG International LLC Closes on CalPERS-Backed Emerging Markets Investment Vehicle

PCG International LLC, of Washington, D.C., today announced it has
closed on a private equity investment vehicle, PCG International
Emerging Markets Fund Investments (the "Fund"). Backed by a $400
million investment from the California Public Employees' Retirement
System (CalPERS), the Fund will invest in private equity funds in
international markets including Japan, China, India, Central Europe,
Latin America and Africa.

Steve Cowan, a Managing Director of PCG International LLC, said:
"We appreciate CalPERS' confidence in us, our investment strategy, and
our ability to generate exceptional investment returns. We intend to
reward that confidence by helping CalPERS gain access to top-decile
private equity partnerships in the dynamic markets on which we focus
through our disciplined, research-driven approach."

CalPERS' existing private equity portfolio has benefited from
being globally positioned, with strong performance and diversification
coming from its European and Asian investments. CalPERS also noted
that the new PCG International fund will provide CalPERS with
additional reach into attractive investment markets around the world.
The PCG International vehicle will focus on investing in premier
partnerships employing a variety of investment styles and strategies
including venture capital, buyout and acquisition financing, growth
and expansion capital, and mezzanine financing.

"Our partner has a very good emerging markets team that will
access a broader range of institutional-quality funds than we have had
in the past," said Russell Read, CalPERS' Chief Investment Officer.
"This new vehicle will give us exposure to promising firms that may
become significant players down the road. This initiative also will
help us advance the strategic realignment of CalPERS' Alternative
Investment Management (AIM) Program that we began last year."

Joncarlo Mark, CalPERS' Senior Portfolio Manager, added: "We are
very excited about our partnership with PCG International. We believe
that PCGI has a cohesive team and a depth of expertise across regions
including Asia, Central Europe, Latin America and Africa that is
unique in the marketplace."

CalPERS is the largest public pension fund in the U.S., with more
than $240 billion in assets. It administers retirement plans covering
approximately 1.5 million active and retired California public
employees and their families. The AIM Program has active commitments
of $33.4 billion and $14.1 billion in market value as of December 31,
2006.