Calpers selects GCM Grosvenor to run private equity commitment

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.

Reporting by Robin Respaut of Reuters news service.