The California Public Employees' Retirement System (CalPERS) is to allocate an additional USD200m to its emerging manager programme in the private equity asset class.
CalPERS will use 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,” says 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 USD100m 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.
