Calpers selects GCM Grosvenor to run private equity commitment

The California Public Employees’ Retirement System said on Wednesday, Oct. 8 that it would employ GCM Grosvenor to run its new $200 million private equity emerging manager commitment, according to Reuters news service.

CalPERS said the new program would launch by the end of the year via a fund-of-funds vehicle. The pension fund would also invest $100 million in AGI Resmark Housing Fund LLC, a San Francisco Bay Area-focused multi-family residential apartment development fund.

CalPERS considers itself a leader in developing and implementing newly formed firms or firms raising first- or second-time funds, called emerging manager programs. Since 2010, the pension fund has committed $900 million to these types of funds.

GCM Grosvenor, a large independent alternative asset management firm, manages approximately $47 billion in assets and multiple emerging manager programs for large institutional investors, including public pension plans and corporate plans.

San Francisco-based AGI Capital is an emerging manager-led real estate investment company that focuses on enhancing communities while delivering strong market returns for investors and partners.

CalPERS has invested nearly $12 billion with 395 emerging managers, and since 2010, the pension fund has made more than $1 billion in new commitments to emerging manager strategies.

As the largest public pension fund in the United States, Calpers’ approximately $300 billion in assets is administered to more than 1.6 million members in its retirement system and more than 1.3 million workers in health benefits across the state.