Sustainable Investment Practice Guidelines: https://www.calpers.ca.gov/page/investments/governance/sustainable-investments-program
The Emerging Manager program invests with newly formed or relatively small firms.
The Transition manager program provides a path of growth and opportunity for emerging managers to compete for entry into our pool of larger established managers.
CalPERS invests $5B in strategies that fall in either of the two programs, including in each asset class.
The objectives are to:
Generate appropriate risk-adjusted investment returns by investing with managers with demonstrated early stage success
To have continued access to investment opportunities with successful firms and increased representation of women and minority owned firms in the CalPERS portfolio
To provide a path of growth and opportunity for emerging managers to build their firms to a size large enough to compete for entry into our pool of larger established managers
Opportunisitic Strategies: The CalPERS Opportunistic Strategies Program enables the Total Fund to access investment opportunities outside of the existing asset classes. It is a new program, and CalPERS is researching whether it is possible to integrate ESG in derivative products.