CalPERS has taken stakes in Philippe Investment Management and Shenandoah Asset Management through the $169 billion pension funds manager development program. The California Public Employees Retirement System, Sacramento, is investing $3 million in Philippe and will allocate $150 million to the women-owned international growth equity manager. CalPERS also is investing $1.5 million in Shenandoah, which offers domestic growth equity strategies and alternative investment strategies, including a market-neutral product. CalPERS will nearly double Shenandoahs assets under management, allocating $100 million in an active domestic midcap growth equity portfolio. Shenandoah is headed by Robert F. Hill Jr., former director of equity at the $37.5 billion Virginia Retirement System, Richmond.