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com August 15, 2011 | BUYOUTS | 29

FEATURE STORY
Limited Partners That Back Emerging Managers
Below is a selection of limited partners with programs dedicated to backing emerging managers or that evaluate emerging managers without a dedicated program.
Backers of Emerging Size of Program Description Contacts
Private Equity Managers

Bank of America Manages and advises on a little more than $1
billion. Invests between $5 million and $25 million
per transaction; avoids funds with less than $50
million in capital; targets venture capital, growth
equity, mezzanine, and buyout funds.
BAML Capital Access Funds, part of BofA's Global BAML Capital Access Funds
Principal Investments group, manages funds of funds Mail code: IL1-231-12-34
focused on firms that target companies owned by, 231 South LaSalle Street
managed by or targeted toward women or minorities; Chicago, IL 60697
and companies located in, or employing residents of
low-and moderate income areas.

California Public
Employees’ Retirement
System
At least $4 billion CalPERS manages California Emerging Ventures, a Grove Street Advisors (for CEV
series of funds originally dedicated to venture capital funds)
but now includes the full range of private equity funds, 20 William Street, Suite 230
including emerging managers. CalPERS has committed Wellesley, MA 02481
more than $3.2 billion to the Emerging Ventures funds 781-263-6100
since 1999.
CalPERS also manages Capital Link Fund, a $1 Capital Link Fund
billion fund-of-funds focused on emerging domestic 152 W. 57th St., 34th Floor
managers. CalPERS also recently announced that it New York, NY 10019
is seeking a ”new investment vehicle,” likely to be 212-792-7552 admin@
a customized fund-of-funds, to invest in emerging centinelacapital.com
managers. It plans to hire a firm to manage it so that it
complements its other emerging manager program.“

California State Teachers’
Retirement System
CalSTRS’s $1.158 billion private equity “Proactive The Proactive Portfolio private equity program includes Amit Tiwari
Portfolio” includes the $300 million “New and Next the urban/rural investments and emerging managers 101 California Street, Suite 1900
Generation Managers Fund” program, managed programs. San Francisco, CA 94111
by INVESCO Private Capital, which targets first-, Tel: (415) 445-3387
second-, and third-time institutional funds; and Send PPM to:
$375 million with BAML Capital Access Funds. amit.tiwari@invesco.com

Guillermo Borda, managing

director, BAML Capital Access
Funds
9461 Wilshire Blvd.
Beverly Hills, Ca. 90212
(310) 860-2542

Connecticut Retirement
Plans and Trust Funds.
$230 million. The $155 million Connecticut Horizon Program targets Horizon: Muller & Monroe Asset
investment management firms that are Connecticut- Management, LLC.
based, minority or women-owned, or emerging, and 180 North Stetson Avenue
comprises all asset classes. Connecticut also has the Suite 1320
$75 million Small Middle Market Buyout Fund program, Chicago, Illinois 60601
which targets funds based in, having a significant 312-782-7771
business presence in, or having a genuine business
plan to conduct operations in Connecticut. SMMBF: Ashmi Mehrotra
JPMorgan Private Equity Group
270 Park Avenue, 25th Floor
New York, N.Y. 10017-2014
212-648-2293
ashmi.mehrotra”

Credit Suisse The fund investment and co-investment manager, Credit Suisse Customized Fund Investment Group Kelly Williams, Head of the
with more than $27 billion of client commitments targets small and emerging managers. The group takes Customized Fund Investment
under management as of March 31, 2011, had more a collaborative approach with emerging managers, Group
than $5.6 billion in client commitments dedicated to helping them to develop their business plans, 11 Madison Avenue
programs targeting small and emerging managers strategies, operations, teams and investor relations New York, N.Y. 10010
as of June 30, 2011. functions. 212-325-2000

Florida State Board of
Administration
No dedicated program. Does not have an “emerging manager program,” Hamilton Lane - c/o PPM
though it does consider emerging managers. Recipient
Information on its website – www.sbafla.com – guides One Presidential Blvd., 4th Floor
investment managers wishing to be considered when it Bala Cynwyd, PA 19004
initiate searches.

Illinois Municipal Retirement
Fund
It is the goal of the IMRF Board that, subject to its
fiduciary responsibility, not less than 20 percent of
actively managed investment assets be managed
by firms run by minorities, women and people with
disabilities.
IMRF policy is to include qualified minority and Street
women-owned business enterprises and businesses Suite 3500
owned by persons with disabilities in the fund’s San Francisco, CA 94111
investment manager selection process while objectively 415.974.5060 http://www.callan.
evaluating all qualified investment managers. com/
30 | BUYOUTS | August 15, 2011
FEATURE STORY
Below is a selection of limited partners with programs dedicated to backing emerging managers or that evaluate emerging managers without a dedicated program.
Backers of Emerging
Private Equity Managers
Los Angeles County
Employees Retirement
Association
Los Angeles Fire and Police
Pensions
Mass PRIM
Muller & Monroe Asset
Management LLC
New York State Common
Retirement Fund
Parish Capital
Teachers Retirement
System of Illinois
Source: Buyouts Magazine
www.buyoutsnews.com
Limited Partners That Back Emerging Managers
Size of Program Description Contacts
In 2008, LACERA allocated $150 million to Vehicles must be the GP’s first, second or third funds. JPMorgan Private Equity Group
JPMorgan Private Equity Group to identify buyout Historically, the emerging manager program has had a Sekou H. Kaalund
and venture capital emerging manager investment U.S. focus. Head of Business Development
opportunities, committing no more than $50 million sekou.h.kaalund@jpmchase.
annually over three years. com
(212) 552-4001
The pension does not have a specific allocation for The pension’s sole private equity manager, Portfolio Portfolio Advisors LLC
emerging managers. Advisors, will review first and second-time funds for 9 Old Kings Highway South
LAFPP, but there is no designated allocation. Darien, CT 06820-4505 203-
662-3456
PRIM targets committing up to 10 percent of its The goal is to provide returns greater than the Mike Langdon, investment
annual private equity allocation to emerging funds. traditional private equity program. PRIM seeks to officer for private equity
commit up to 20 percent of an emerging fund’s total (617) 946-8426
committed capital.
The firm, which is focused on emerging and niche Funds-of-funds manager Muller & Monroe Asset Muller & Monroe Asset
managers, is aiming to raise $300 million to $400 Management invests primarily in emerging private Management, LLC.
million for M2 Private Equity Fund of Funds LP III, a equity funds. The five firm seeks $300 million for its 180 North Stetson Avenue
comingled fund of funds. sophomore vehicle, M2 Private Equity Fund of Funds Suite 1320
LP III. Chicago, Illinois 60601
(312) 782-7771
$1 billion. Its definition of an emerging manager is “The Pioneer Program” to date has allocated $750 Muller & Monroe Asset
one raising Fund I, II or III with assets under $750 million of the $1 billion Comptroller Thomas DiNapoli Management, LLC.
million. It has a special emphasis on identifying originally committed to investing in 2007. It has also 180 North Stetson Avenue
women and minority managers in this group. invested an additional $200 million with emerging Suite 1320
managers directly (without the use of a fund-of-funds Chicago, Illinois 60601
adviser). 312-782-7771
Has about $2 billion under management. Typically invests $150 to $200 million a year via three Charles Merritt
domestic funds of funds and two European funds of 5915 Farrington Road, Suite 202
funds. About 70 percent of its commitments are to first- Chapel Hill, NC 27517
and second- time funds with less than $500 million Phone: +1 919.401.4949
under management.
$500 million. The Emerging Manager Program typically commits Teachers’ Retirement System of
between $50-100 million to private equity annually, the State of Illinois
and about $15 million to $50 million per manager. 2815 West Washington Street
The program evaluates emerging mangers in buyout, Springfield, IL 62702
mezzanine and venture capital funds. TRS Illinois seeks (217) 753-0370
to back spin-outs from proven firms and pays extra
attention to firms owned by minorities and women PCG Asset Management, LLC
to find the next generation of top-tier managers. 1200 Prospect Street, Suite 200
TRS Illinois staff supervises the selection of fund La Jolla, CA 92037
commitments with the help of PCG Asset Management. (800) 900-9181