Calpers Pledges $1 Billion to Aid Diverse Fund Managers

The largest U.S. public pension is putting $1 billion in the hands of two private-equity investors to help funds or firms managed by people from underrepresented backgrounds.

The $450.67 billion California Public Employees’ Retirement System is pledging $500 million each to TPG Inc.’s NEXT fund and GCM Grosvenor Inc.’s Elevate strategy, according to a statement from Sacramento-based Calpers, as the system is known.

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