CalPERS committed $375 million to Canyon Catalyst Fund III, an emerging manager real estate fund managed by Canyon Partners, spokeswoman Megan White said in an email.
Canyon and CalPERS expanded the partnership to include Denver as a growth area, in addition to Phoenix, Portland, Seattle and California. The Canyon Catalyst funds are discretionary separate accounts managed for CalPERS.
The program's emerging managers include Rubicon Point Partners, BKM Capital Partners, Sack Properties, Paragon Commercial Group and Pacshore Partners.
California Public Employees' Retirement System, Sacramento, has invested with Canyon in the past. The $333.8 billion pension fund committed $350 million to Canyon Catalyst Fund II in October 2017. As of Sept. 30, Fund II had a net asset value of $543.5 million.
"Our goal is to put additional resources behind high-performing emerging managers who specialize in specific asset classes and, through mentorship by Canyon investment professionals, to guide them to even greater levels of success and higher returns," said Maria Stamolis, director of asset management and co-head of real estate investments at Canyon, in an email.
Canyon does not manage emerging manager portfolios for other asset owners aside from CalPERS, Ms. Stamolis said.
