Emerging & Transition Manager Programs
CalPERS has a legacy of leadership and innovation in emerging manager investment strategies. We've been investing with emerging managers directly and through fund-of-funds for more than 20 years.
View our Events for opportunities to engage with us.
For more information on our efforts in emerging, transition, and diverse manager investing, review our 2012 Emerging Manager Five-Year Plan (PDF).
The new Emerging and Transition Manager 2020 Plan (PDF), beginning July 1, 2017 and ending June 30, 2020, focuses on six key initiatives intended to maintain CalPERS leadership in emerging and transition manager programs, and build on the success of the initial Five-Year 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.
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
Below are the parameters for emerging managers based on asset class.
|
Asset Class |
Global Equity |
Private Equity |
Real Estate |
|---|---|---|---|
|
Program |
Emerging Manager Advisor Program |
Emerging Domestic Private Equity Managers |
Real Estate Emerging Manager Program |
|
Investment/Strategy |
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 or Second 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 advisors who construct 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.
Fiduciary Investment Solutions, Inc. (FIS)
Contact: Cesar Gonzales
1818 Market Street, Suite 3205
Philadelphia, PA 19103
Leading Edge Investment Advisors (LEIA)
Contact: Clayton Jue
50 California Street, Suite 2320
San Francisco, CA 94111
Legato Capital Management
Contact: Eric Pollack
111 Pine Street
San Francisco, CA 94111
Phone: (415) 821-8586
Progress Investment Management
Contact: Jose Balagot
33 New Montgomery Street, Floor 19
San Francisco, CA 94105
Strategic Investment Group
Contact: Chris Pond
1001 Nineteenth Street North, 16 Floor
Arlington, VA 22209
Phone: (703) 243-4433
Grosvenor Customized Fund Investment Group
Jason R. Howard, Director
10250 Constellation Boulevard
Suite 1650
Los Angeles, CA 90067
Phone (310) 683-2713
Fax (310) 683-2733
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
In June 2015, 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 & Special Situations |
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 |
Third, 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 Five-Year Plan: Year Two Annual Report (PDF)
- Emerging Manager Exposure and Cost Report (PDF)
- Emerging Managers: Global Equity Restructure (Video)
- CalPERS Private Equity Emerging Manager Program Review (PDF, 1.12 MB)
- Emerging Manager Five-Year Plan: Year One Annual Report (PDF)
- CalPERS Emerging Manager Programs Benchmark Survey (PDF)
- Emerging & Diverse Manager Data Report (PDF)
- Emerging Manager Program - Real Estate (PDF)
- Emerging Manager Program Presentation - Real Estate (PDF)
- Five-Year Plan for Emerging Manager Participation (PDF)
- Emerging Manager Program - Consultant Recommendations (PDF)
Videos
Investment Manager Engagement Programs
- California Investments
- Diversity & Inclusion
- Emerging & Transition Manager Programs
- Responsible Contractor Program
Resources
- 2014 Forum
- 2012 Forum
- Events
- Investment Proposal Submission
- Subscribe to Manager Solicitations & News