The California Public Employees’ Retirement System (Calpers) is taking a 9.9% stake in private equity firm Silver Lake.

Menlo Park, Calif.-based Silver Lake has entered into a long-term strategic partnership with Calpers under which the pension fund has acquired a 9.9% stake in Silver Lake Group and related entities that own and direct Silver Lake and oversee all of its investment activities.

Calpers, which is the largest public pension fund in the United States, also has committed to making additional investments as a limited partner in Silver Lake funds. A representative from Calpers will join Silver Lake’s Management Advisory Board.

The firms say that the Calpers investment provides Silver Lake with a permanent capital base to help it generate superior returns for its limited partner investors by funding Silver Lake’s future growth, strengthening and expanding Silver Lake’s global capabilities and footprint, and extending Silver Lake’s position in technology investing.

Silverlake specializes in investing in technology companies.

The investment also will provide Silver Lake with seed capital for the development of future funds and other new alternative asset business opportunities, as well as expand the ability of Silver Lake to commit to/co-invest alongside its funds.

Glenn Hutchins, co-founder and co-chief executive of Silver Lake, said, “The Calpers investment and strategic partnership with us provide tremendous benefit to Silver Lake and our limited partners by bringing important long-term funding that supports expansion of our technology investment leadership. We are extremely pleased to have this vote of confidence from Calpers as we focus on building out our successful platform to drive the future growth of Silver Lake and continue creating superior value for our investors. We look forward to taking full advantage of the insight and experience that Calpers will bring to our firm.”