The California Public Employees' Retirement System, the largest US pension fund, has lost $45m (€37m) from its investment in Thomas Weisel Partners after the US bank floated yesterday.

The fund invested $100m for a convertible 10% stake of the San Francisco-based Weisel in 2000, when the technology-focussed investment bank was at the height of its popularity. The stake was increased to 11.1% prior to the flotation.

Jason Corcoran

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Calpers loses $45m from Thomas Weisel

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