CalPERS' investment committee committed an additional $50 million to GCM Grosvenor DEM II, a private equity emerging manager fund-of-funds program managed by Grosvenor Capital Management, said Megan White, spokeswoman, in an email.
The investment committee of the $356.5 billion California Public Employees' Retirement System increased the commitment in closed session. The additional capital brings total commitments to $250 million.
In April, Sacramento-based CalPERS officials launched a search for a private equity emerging manager fund of funds. Grosvenor's contract is due to expire in October and was invited to rebid.
