CalPERS Issues RFP For Private Equity Fund Of Funds Manager

Jul 12 2011 | 7:41am ET

The California Public Employees’ Retirement System is searching for a new investment vehicle—most likely a fund of funds—that invests in domestic emerging managers for the pension fund’s private equity program.

The manager would invest on behalf of CalPERS in a 7- to 10-year relationship across the private equity spectrum, including venture capital, expansion capital and leveraged buyout transactions.

“Through the manager, we’re looking for partnerships whose principal officers have individual experiences and underlying investment strategies to generate earnings in the top quartile of private equity investments,” said Réal Desrochers, senior investment officer for CalPERS Alternative Investment Management Program. “This entails partnerships or direct investments, deal sourcing, analyzing, screening, due diligence, negotiating and closing transactions, monitoring and exiting investments.”

The request for proposals is available on the CalPERS Web site. The deadline to submit an RFP is  July 25.

CalPERS is the nation’s largest public pension fund with approximately $240 billion in market assets.


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