CalPERS legacy of leadership and innovation pursuing investment opportunities proposed by emerging managers spans more than 25 years.

Our objectives for investing in the Emerging Manager Programs:

  • Generate appropriate, risk-adjusted investment returns by identifying early stage funds with strong potential for success
  • Access unique investment opportunities that may otherwise be overlooked
  • Cultivate the next generation of external portfolio management talent

Our history of investing in Emerging Managers:

  • 1991 – Invests in first time funds of Real Estate & Private Equity managers
  • 1999 – Establishes Emerging Manager Programs in Global Equity & Real Estate
  • 2006 – Establishes Emerging Manager Program in Private Equity
  • 2007 -  Establishes Emerging Manager Program in Absolute Return Strategy (ARS)
  • 2011 – Restructures Real Estate Emerging Manager Program
  • 2012 – Establishes the Emerging Manager Five-Year Plan
  • 2013 – 2015 Restructures Private Equity & Global Equity Emerging Manager Programs
  • 2014 – Ends ARS Hedge Fund program
  • 2016 – Creates Transition Manager Program
  • 2017 – Establishes the Emerging and Transition Manager 2020 Plan

Emerging managers are generally defined as newly formed or relatively small firms. Several CalPERS asset classes have emerging manager definitions based on assets under management and/or length of track record.

Emerging Manager programs are operated by Fund of Fund advisors. These advisors manage the sourcing, selecting, diligence, and commitment processes for CalPERS. Emerging Managers are encouraged to contact the advisors directly to submit their proposals.

Below are the parameters for emerging managers based on asset class.

Asset Class

Global Equity

Private Equity

Real Estate


Emerging Manager Advisor Program

Emerging Domestic Private Equity Managers

Real Estate Emerging Manager Program


Long Only - Publicly Traded Securities

Buyout, Growth & Distress for Control

Value-Add, Opportunistic, and Commercial

Product Size

No Requirement

Less than $1 billion

No Requirement

Firm Assets Under Management

Less than $2 billion

No Requirement

Less than $1 billion

Length of Track Record

No Requirement

First, Second, or Third Institutional Fund

First, Second, or Third Separate Account or Institutional Fund

Geographic Focus

No Requirement

Domestic U.S.

Urban California

Through the Emerging Manager Program, we hire an advisor who constructs portfolios of smaller asset management firms for CalPERS. If you're an emerging manager and would like to submit an investment proposal, you may reach out to one of the emerging manager advisors below or complete the Investment Proposal Submission directly through CalPERS.

Global Equity

Legato Capital Management
Contact: Eric Pollack
111 Pine Street
San Francisco, CA 94111
Phone: (415) 821-8586

Private Equity

GCM Grosvenor
Contact: Jessica Holsey, Principal
Phone: 646-362-3656
GCM Grosvenor
767 Fifth Avenue, 14th Floor
New York, NY 10153

Real Estate

Canyon Partners Real Estate
Maria Stamolis, Co-Head of Real Estate Investments & Director of Asset Management
2000 Avenue of the Stars, 11th Floor
Los Angeles, CA 90067
(310) 272-1500
Fax (310) 272-1501


Fact Sheets

Reports & Updates

Emerging & Transition Manager Programs