CalPERS hired Sourcecap International, a high-alpha European equities manager, to run $150 million in Phase II of its $1.4 billion Manager Development Program, confirmed Clark McKinley, spokesman at the $178.8 billion pension fund.
The hiring marks the system’s first European investments under Phase II.
The commitment covers midcap and large-cap European equities managed in Sourcecap’s European Alpha long-only strategy, one of two investment strategies managed by James Rutherford. Sourcecap was selected by Legato Capital Management, a strategic adviser for the California Public Employees’ Retirement System, Sacramento.
Anne Stausboll, CalPERS’ interim CIO, said the Sourcecap selection complemented existing managers in the fund’s program, which seeks superior investment returns while providing new and emerging asset managers with business opportunities.