Calpers Chief Investment Officer Nicole Musicco has made a push for the $449 billion pension fund to invest directly in companies and bypass private equity giants.
The California Public Employees’ Retirement System is making a $1 billion wager that small private equity firms without the heft of the biggest buyout institutions can boost the pension giant’s returns and clout.
“It’s not about a diversity play,” she said in an interview. “It’s about generating alpha in a more thoughtful way, and leveraging partners we will work hand in glove with.” California politicians passed a law in 2021 requiring the biggest public pensions to report more details on their investments with “emerging or diverse managers.”
Gatekeepers of pension money – under intense pressure to make pension checks for retirees more secure — typically demand that money managers have scale and a long history of performance that demonstrates they can weather investment cycles.“There are attractive returns to be generated by focusing on a segment of the investment universe that has less capital going to it,” said Jonathan Levin, the president of GCM Grosvenor, referring to newer and more diverse managers.
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