CalPERS is searching for domestic emerging managers for a new investment vehicle in its private equity program, confirmed spokesman Clark McKinley in an interview.
Mr. McKinley said the new vehicle most likely would be structured as a customized fund of funds to invest in partnerships that may be undercapitalized.
In a statement, Real Desrochers, senior investment officer, CalPERS' Alternative Investment Management Program, said the $241.3 billion California Public Employees' Retirement System, Sacramento, is looking for partnerships whose principal officers have individual experiences and underlying investment strategies to generate earnings in the top quartile of private equity investments.
“This entails partnerships or direct investments, deal sourcing, analyzing, screening, due diligence, negotiating and closing transactions, monitoring and exiting investments,” Mr. Desrochers said in the statement.
Mr. McKinley said the system already has around $2 billion invested in other emerging manager initiatives in the AIM Program. He said the system is not looking to replace existing managers. Instead, he said, it is casting “a wide net” to see what other potential investment opportunities exist.
Mr. McKinley said proposals are due July 25 and prospective candidates can use the submission form on the CalPERS website, www.calpers.ca.gov.