CalPERS established the Transition Manager program for Global Equity, Private Equity, and Real Estate managers in 2016.

This program creates a path for successful mid-stage managers to build their firms to as size large enough to compete for entry into CalPERS pool of larger established managers. 

Transition Managers have a direct relationship with CalPERS Staff.

In June 2016, CalPERS announced the industry-leading Transition Manager Program with the following objectives:

  • Generate appropriate risk-adjusted investment returns by investing with managers with demonstrated early stage success
  • To have continued access to investment opportunities with successful firms and increased representation of women and minority owned firms in the CalPERS portfolio
  • To provide a path of growth and opportunity for emerging managers to build their firms to a size large enough to compete for entry into our pool of larger established managers

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

Asset Class

Global Equity

Private Equity

Real Estate

Program

Transition Manager Program

Transition Manager Program

Transition Manager Program

Investment/Strategy

Long Only - Publicly Traded Securities

Buyout & Growth Equity

Separate Accounts & Commingled Funds

Product Size

No Requirement

No Requirement

No Requirement

Firm Assets Under Management

$2 billion Minimum

No Requirement

No Requirement

Length of Track Record

No Requirement

Fourth, Fifth, and Sixth Institutional Fund

Fourth, Fifth, and Sixth Separate Account or Institutional Fund

Geographic Focus

No Requirement

Domestic U.S.

No Requirement

Resources

Fact Sheets

Reports & Updates