External Managers

A portion of each of our investment programs is managed externally by specialized investment managers. The External Manager usually has full discretion to manage CalPERS assets, consistent with investment management guidelines provided by CalPERS and fiduciary responsibility. External Managers typically operate one or more fund‐of‐funds or similar vehicles where they place capital with investment funds focused on a particular strategy, geography or industry sector. However, several additionally invest in companies or assets directly.

Submit questions related to the CalPERS External Managers list.

Dated: 12-06-2013