The California Public Employees’ Retirement System (CalPERS) has announced that it will allocate an additional $200 million to its emerging manager program in the private equity asset class. CalPERS will utilize a new fund-of-funds to deploy the capital, focusing on high-potential emerging manager funds.
“This new allocation is a reflection of CalPERS ongoing commitment to emerging and diverse managers,” said Ted Eliopoulos, CalPERS Interim Chief Investment Officer. “Our goal is to generate appropriate, risk-adjusted investment returns by identifying early stage funds with strong potential for success.”
The new allocation will be deployed over four years and is in addition to a $100 million commitment made in 2012. The selection of a manager to head the fund-of-funds will be completed by CalPERS investment staff later in the year. CalPERS has nearly $12 billion invested with 395 emerging managers across all of its emerging manager programs.
CalPERS is the largest public pension fund in the US with more than $280 billion in assets. CalPERS administers health and retirement benefits on behalf of 3,064 public school, local agency and state employers. There are more than 1.6 million members in the CalPERS retirement system and more than 1.3 million in its health plans (www.calpers.ca.gov).
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-18-14