US - The California Public Employees' Retirement System (CalPERS) has invested a further $350m (€239m) to its emerging managers programme through direct and fund of fund allocations.
Russell Read, CIO, CalPERS, said: "This fund of funds has an important role in our effort to find emerging managers who show promise of becoming major players in the market.
"FIS will give us access to a larger number of skilled emerging firms to generate solid investment returns and reflect the diversity of the market."
CalPERS said the current fund of funds line up featured three African-American owned companies and a further three women owned firms.
Under the emerging manager programme, only firms with under $2bn in assets could be funded.
The investment to Redwood followed an initial allocation to $100m in Piedmont Investment Advisors in March 2006 under the MDP programme launched in December 2000.
At the end of 2007, CalPERS held $1.1bn in seven MDP domestic equity managers, $321.7m with two MDP international equity mangers and $202.6m in fixed income through the MDP programme.
FIS Group was established in 1996 to provide emerging manager services to institutional investors.
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