CalPERS committed $400 million to Centinela Capital Partners, a new private equity emerging manager fund of funds, as part of its effort to increase diversity in its portfolio and among its managers. The fund will invest in the full range of private equity, including venture capital, expansion capital and leveraged buyouts. It also will allow other public pension funds to invest alongside the $220.1 billion California Public Employees' Retirement System, Sacramento.
"We believe we can gain a competitive advantage by investing in emerging managers who bring fresh insights in how to generate returns in the market," said CalPERS CEO Fred Buenrostro in a press release.
Centinela was founded by Cesar Baez, previously head of strategy, institutional business development and private equity for Deutsche Bank Alternative Investments and former director of alternative investments at the $72 billion New Jersey Division of Investments, Trenton.