CalPERS Selects GCM Grosvenor to Run $200 Million Private Equity Emerging Manager Fund-of-Funds

The California Public Employees’ Retirement System (CalPERS) has announced that GCM Grosvenor (Grosvenor) has been selected to run the System’s new $200 million private equity emerging manager commitment. The new commitment will be deployed through a fund-of-funds vehicle starting by the end of the current year.

New commitment to be deployed over four years starting in 2014

"CalPERS is firmly committed to emerging manager strategies," said Ted Eliopoulos, CalPERS Chief Investment Officer. "Grosvenor is a leader in the industry, and has the experience and ability to harness the unique potential in the emerging manager community in order to deliver positive returns to CalPERS."

Grosvenor is one of the world’s largest independent alternative asset management firms, with approximately $47 billion in assets under management. It manages multiple emerging manager programs for large institutional investors, including public pension plans and corporate plans. Grosvenor and its predecessors have been managing private equity investment portfolios since 1999.

CalPERS also announced that they will invest $100 million in AGI Resmark Housing Fund, LLC (AGI Resmark), a multi-family residential apartment development fund focused in the San Francisco Bay Area. AGI Resmark is a co-investment partnership between AGI Capital (AGI) and Resmark.

AGI Capital is a San Francisco-based, emerging manager-led real estate investment company, whose aim is to help enhance communities while delivering strong market returns for investors and partners. Resmark is a full service real estate investment firm who will serve as an advisor and mentor to AGI.

CalPERS has nearly $12 billion invested with 395 emerging managers. Since 2010, CalPERS has made more than $1 billion in new commitments to emerging manager strategies in Private Equity, Real Estate, Global Equity, and Absolute Return Strategies, as well as commitments to individual emerging managers who have transitioned to direct investments.