SACRAMENTO, Calif. - CalPERS in closed session turned down a request from Progress Putnam Lovell to extend its investment period by three months.
The joint venture between Progress Investment Management and Putnam Lovell Capital Partners has invested $850 million of a $1 billion allocation in new and emerging managers, but its three-year investment period expired March 31, said Jeff Lovell, chairman and managing director of Putnam Lovell NBF Private Equity. The firm will be able to allocate the remaining money among its eight portfolio companies but will not be able to take equity stakes in new managers. "It won't change what we're doing for CalPERS," said Thurman White, CEO of Progress.
Officials at the $131 billion California Public Employees' Retirement System did not respond to requests for comment by press time.
Separately, the CalPERS board, in closed session, unanimously approved a six-month extension for Strategic Investment Management, which runs a $2 billion manager development program for the system.