CalPERS has allocated $200 million more to its $12 billion emerging manager program.
The new capital will be deployed by a new fund of funds over four years, the California Public Employees’ Retirement System said today in a prepared statement. CalPERS expects to name a manager to head the fund of funds later this year.
The pension fund did not specify how the FoF will divvy up the money between emerging managers in venture capital and private equity.
The new allocation follows a $100 million commitment CalPERS made to emerging managers in 2012.
CalPERS said it has nearly $12 billion invested with 395 emerging managers across all of its emerging manager programs. It is the largest pension fund in the country, with more than $280 billion in assets under management.