Officials of three retirement systems - the $220.1 billion California Public Employees' Retirement System, the $144 billion California State Teachers' Retirement System and the $96 billion New York City Retirement Systems - today announced a joint partnership with the New America Alliance to increase the use of emerging managers among U.S. pension funds.
CalPERS CEO Fred Buenrostro, CalSTRS CIO Christopher Ailman and New York City Comptroller William Thompson Jr., sole trustee of the New York fund, announced that the three systems will work directly with the New alliance, a non-profit organization representing the Latino business and financial community, to educate U.S. pension plans, endowment and foundations about the emerging and minority investment management community. "Other pension funds look to us for leadership," said Mr. Buenrostro, adding that CalPERS plans to start a $400 million fund-of-funds program for emerging managers.
As a result of the partnership, the New America Alliance has expanded its membership program to include institutional investors. Mr. Ailman said he hopes to see at least 15 pension funds join the NAA over the next several years.