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CalPERS commits additional $200m to emerging manager fund of funds

18 Mar 2014

The California Public Employees’ Retirement System (CalPERS) is to allocate an additional $200m to its emerging manager private equity programme.

CalPERS said it will utilise 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 CIO. “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 $100m commitment made in 2012.

In 2012, CalPERS adopted the Emerging Manager Five-Year Plan–Pathway to the Future to provide a strategic framework to guide CalPERS investments and engagement with emerging investment managers. CalPERS has nearly $12bn invested with 395 emerging managers across all of its emerging manager programmes. It is the largest public pension fund in the US, with more than $280bn in assets.

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