CalPERS made a $100 million co-investment alongside the Blackstone Tactical Opportunities Fund, a separate account set up by Blackstone Group for the $296.6 billion pension fund.
Separately, the California Public Employees’ Retirement System, Sacramento, is graduating TOBAM from its manager development program and giving the firm $764 million to manage in an expanded global equity strategy.
Agenda materials for the fund’s March 16 investment committee meeting shows that in January it invested $764 million with TOBAM. In a December report, CalPERS said it was graduating the firm from its manager development program.
CalPERS first hired TOBAM in April 2011, giving it $150 million in global equity. The retirement system also took a 12% stake ownership stake in TOBAM at the time. TOBAM is a Paris-based manager that was spun out from the European arm of Lehman Brothers Asset Management in 2009.
Managers considered promising by CalPERS investment staff and with less than $2 billion in assets make up the manager development program. CalPERS gives the firms a small allocation to manage initially and takes an equity stake in the businesses.
CalPERS spokeswoman Rosanna Westmoreland could not provide additional details by press time on TOBAM.