Pillsbury advised the California Public Employees’ Retirement System (CalPERS) in committing $1 billion to put toward identifying, supporting and elevating the next generation of emerging managers in the private markets.
Partnering with TPG and GCM Grosvenor, two of its long-standing asset managers, each firm will receive a $500 million allocation from the pension fund.
CalPERS has built retirement and health security for state, school and public agency members who have dedicated their lifework to the public space for more than 30 years. These partnerships align with CalPERS’ expansion into the private markets, and CalPERS intends to further its initiative by developing a start-up investors manual and host an industry networking event this coming summer.
The Pillsbury deal team included Corporate partner Semma Arzapalo and associate Jon Schreiber, Tax partner Brett Willis and Senior Law Clerk Tannaz Noormohammadi, all in Los Angeles.
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