CalPERS made three new commitments to emerging manager private equity funds, all participating in a fund of funds managed by Grosvenor Capital Management's customized fund investment group, CalPERS spokesman Joe DeAnda said Wednesday.
The funds are Maranon Mezzanine Fund II, managed by Maranon Capital; Valor Equity Partners III; and New Heritage Capital Fund.
The $282.9 billion California Public Employees' Retirement System, Sacramento, committed between $10 million and $15 million to each fund, Mr. DeAnda said.
Valor is the third minority-owned firm selected by for the private equity emerging manger program, according to CalPERS documents presented at the investment committee meeting on Monday.
Grosvenor runs three private equity funds of funds for CalPERS, for a total of about $950 million in commitments, according to Mr. DeAnda.