CalPERS is searching for a manager to run its private equity emerging manager program, said Megan White, spokeswoman for the $355.9 billion pension fund.
CalPERS launched the search in April in which it invited a targeted list of firms to compete, with responses due May 24. Incumbent Grosvenor Capital Management has been invited to rebid. Its contract expires in October. A hiring decision is expected in the fall.
Officials of the Sacramento-based California Public Employees' Retirement System have said they planned to commit up to $500 million in new capital to its private equity emerging manager fund-of-funds program between June 2016 when the plan was announced and 2020. CalPERS launched the program in 2012. Grosvenor manages $300 million.