CalPERS plans to hire at least one external firm to manage $2 billion in existing global private equity partnerships, and it is also looking for an unidentified number of firms to run new custom-designed portfolios.
The $205 billion California Public Employees' Retirement System, Sacramento, had $28 billion in global private equity commitments as of Dec. 31, 2005, according to RFIs issued today. The fund is adding the third-party manager because of the board's December decision to reduce the number of general partner relationships managed by CalPERS staff.
The new custom-designed strategies will most likely be structured as customized funds of funds. The portfolios will invest in middle market, domestic emerging managers, venture capital, California-focused markets and clean energy and technology.
No further information was available. Calls to Brad Pacheco and Clark McKinley, CalPERS spokesmen, were not returned by press time.