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Alternative Market Briefing

CalPERS adds to its emerging managers program for private equity and real estate

Friday, June 24, 2016

Bailey McCann, Opalesque New York:

The California Public Employees' Retirement System (CalPERS) will hold a global solicitation process for its new Transition Manager Program. The pension system is looking for mid-size private equity, global equity and real estate managers. The solicitation will open in July 2017.

The Transition Manager Program will make up to $7 billion in commitments by the year 2020. Commitments range from $50-$300 million in the Real Estate and Private Equity programs, and $500 million to $1 billion in the Global Equity program. This is in addition to the new commitments to CalPERS' Emerging Manager Programsof up to $4 billion during the same period. The goal is to identify and place up to $11 billion in new commitments with qualified managers by 2020.

Transition managers are firms that have demonstrated early stage success, either within CalPERS' Emerging Manager Program or elsewhere. Started in June 2015, this program provides a path of growth and opportunity for managers to eventually build their firms to a size large enough to compete for entry into CalPERS’ pool of larger, established managers. Emerging managers are generally defined as newly formed or relatively small investment firms.

For its global equity program, CalPERS is working with five advisors - Fiduciary Investment Solutions; Leading Edg......................

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