California Public Employees' Retirement System trustees approved three...

California Public Employees’ Retirement System trustees approved three finalists for its $2 billion manager development program. Finalists to oversee the program and enter into a partnership with the Sacramento-based fund are State Street Global Advisors, Strategic Investment Management and Progress Investment Management. The $156 million fund’s program for emerging money managers will place about $2 billion in CalPERS assets with the managers and invest $40 million in CalPERS venture capital money in exchange for equity interests in the managers. The managers will use the $40 million for technological, accounting and other improvements. Trustees are expected to interview the finalists to run the manager development program on a daily basis on May 20 and make a selection at that time.