Calpers doubles investment in Grain Management spectrum deal with SpaceX
Wednesday, November 11, 2026 · first reported by Private Equity Wire
Calpers stands to roughly double its money from a radio spectrum portfolio run by Grain Management, after SpaceX agreed to buy the portfolio for $8bn, Bloomberg reported as cited by Private Equity Wire. The pension fund committed more than $500m through Grain Spectrum Holdings V and a separately managed account. Those investments held 800MHz spectrum licences bought from T-Mobile.
Calpers is expected to see a DPI multiple of almost 2x, or at least $1bn in proceeds, in just over a year. Grain had originally aimed for about $6bn. SpaceX plans to use the licences for Starlink satellite-to-cell services. The deal needs US Federal Communications Commission approval.
- Firm
- Grain Management
- Also named
- Calpers, SpaceX
- Fund
- Grain Spectrum Holdings V
- Deal value
- $8B
- Asset class
- Private equity, Secondaries
- Geography
- North America
The summary and fields above are extracted from the published reports and can contain errors. The linked articles are the source of record.
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