CalPERS today announced a $1 billion commitment aimed at identifying and supporting the next generation of investor entrepreneurs in the private markets.
CalPERS will partner with two of its long-standing asset managers, TPG and GCM Grosvenor Elevate, with each firm receiving a $500 million allocation from the pension fund.
CalPERS has been investing in newly established teams and partnerships in the investment industry for more than 30 years. This dedication to fostering entrepreneurship, diverse perspectives, and innovation has allowed CalPERS to identify opportunities in the global markets that might otherwise be overlooked, while simultaneously generating returns for the pension fund.
“CalPERS is committed to giving access and opportunity to new and innovative talent in the investment industry,” said CalPERS Chief Investment Officer Nicole Musicco. “We want to create and nurture an ecosystem that will serve as a catalyst to seed the next generation of diverse talent and foster different ways of seeing and solving problems.
“We welcome and encourage other global allocators to join us in this effort and reimagine the traditional and structural dynamics in the markets.”