CalPERS is taking a minority equity stake in Steinberg Priest & Sloane Capital Management, the ninth investment from the pension fund's manager development program. The investment and stake sizes were not disclosed.
The $149 billion California Public Employees' Retirement System, Sacramento, also is allocating $50 million each to small-cap value equities and enhanced high-yield bond portfolios run by Steinberg Priest. Progress-Putnam Lovell Advisors, a joint venture between Progress Investment Management and Putnam Lovell NPF Private Equity, advised.
Separately, CalPERS finalized its $10 million investment in Garage California Entrepreneurs Fund, one of 11 funds in the CalPERS California Initiative Program. The fund will make investments in several seed- and early-stage technology companies, primarily in California.