California Public Employees Retirement System trustees have agreed to allocate up to $2 billion each to Strategic Investment Management and Progress Investment Management in a joint venture with Putnam, Lovell, de Guardiola & Thornton, which will act as external partners for CalPERS and run its new management development program, said Ed Fong, a spokesman at the $153 billion, Sacramento-based system. The partners will seek new and emerging money management firms with cutting-edge strategies to manage domestic equities, Mr. Fong said. Originally only one partner was scheduled to be hired for the allocation, he said, but the board modified its proposal to achieve more variety. Strategic specializes in startup firms, while Progress and Putnam, Lovell will focus on emerging firms. Funding will come from rebalancing.