Most of the news about private equity operations has been bad. Tight credit markets. Broken deals. Buy-outs closed but in trouble because of large debt loads.

Silver Lake, one of the largest private equity firms, got a $275 million investment for a 10% stake, according to The New York Times. The buyer was the California Public Employees’ Retirement System.

Calpers must thing Silver Lake will do a lot better than Blackstone (BX) which has fallen from a $38 peak after its IPO to $18.

Douglas A. McIntyre