Transition Manager Program
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
- Emerging Manager & Transition Manager Program Fact Sheet (PDF)
- Global Equity Emerging Manager & Transition Manager Program Fact Sheet (PDF)
- Private Equity Emerging Manager & Transition Manager Program Fact Sheet (PDF)
- Real Estate Emerging Manager & Transition Manager Program Fact Sheet (PDF)
- Investment Proposal Submission Fact Sheet (PDF)
Reports & Updates
- Emerging and Transition Manager 2020 Plan (PDF)
- Emerging Manager Five-Year Plan: Year Five Annual Report (PDF)
- Emerging Manager Five-Year Plan: Year Four Annual Report (PDF)
- Emerging Manager Five-Year Plan: Year Three Annual Report (PDF)
- CalPERS Transition Manager Program (Video)
- Emerging Manager Exposure and Cost Report (PDF)
- CalPERS Private Equity Emerging Manager Program Review (PDF, 1.12 MB)
- CalPERS Emerging Manager Programs Benchmark Survey (PDF)
- Emerging & Diverse Manager Data Report (PDF)
- Emerging Manager Program - Consultant Recommendations (PDF)
Emerging & Transition Manager Programs
- Emerging Manager Program
- Transition Manager Program