Backers of Emerging Private Equity Managers Size of Program

California Emerging Ventures IV is a $450M program, which has drawn down $100M. About 30 percent goes to emerging managers. California Public Employees Retirement System Capital Link Fund is a $455M program with $150M drawn down. Capital Link Fund II is a $400M program with $20M drawn down. The Golden State Investment Fund is a $560M program, with $150M drawn down.

CalSTRS/Banc of America Capital Access Fund is a $275 million program. California State Teachers Retirement System The New and Next Generation Managers Fund (NNGMF) managed by INVESCO Private Capital is a $100 million program. CalSTRS has seven direct relationships with emerging and/or minority /women-owned firms, and has committed $360 million to eight funds through this program.

The LP has committed $475 million to its private equity emerging manager program so far, but expects to allocate an Comptroller of the City of New additional $1 billion over the York next several years to emerging (New York State Common managers, with a focus on Retirement Fund) women- and minority-owned firms. The LP is conducting a search for one or more fundof-funds managers to implement the $1 billion commitment.

Kentucky Retirement Systems

$75 million

Los Angeles County Employees Retirement Association

The program is $150 million. JPMorgan Private Equity Group identifies buyout and venture capital emerging manager investment opportunities, committing no more than $50 million to limited partnerships in each 12 month period. The minimum size of each investment is $5 million, with a maximum size of $20 million. Buyout funds must be between $100 million and $750 million in size,.

Los Angeles Fire and Police Pensions

StepStone Group advises on the specialized manager portfolio. StepStone's mandate is to steer $100 million into five to 10 funds per year, including sector-specific funds, geography-specific funds, and funds managed by spinout teams and emerging managers.

Mass PRiIM PRIM targets committing up to 10 percent of its annual private equity allocation to emerging funds.

Muller & Monroe Asset Management LLC The firm is raising $300 million.

Teachers Retirement System of Illinois

The program provides $100 million per year to emerging managers of buyout, mezzanine and venture capital funds. The LP expects to commit $10 million to $25 million per fund, resulting in three to five new relationships per year across buyouts, mezzanine and venture capital.

The Programs

Contacts

California Emerging Ventures I, II, III & IV, managed by Grove Street Advisors, includes the full range of private equity funds; about 30 percent of the program involves emerging managers. The Capital Link Fund, managed by Centinela Capital Partners, is a funds-of-funds that commits to venture capital, expansion capital and buyout funds. According to CalPERS, "Centinela will help CalPERS achieve its diversity investment objectives by taking advantage of all talent, skills and ideas in the market through competent emerging managers who historically have been under-capitalized." Grove Street Advisors 20 William Street, Suite 230 Wellesley, MA 02481 (781) 263-6100 Capital Link Fund 152 W. 57th St., 34th Floor New York, NY 10019 (212) 792-7552

Golden State Investment Partners The Golden State Investment Fund, managed by 200 California Street, Suite 400 Hamilton Lane, makes private equity investments, both San Francisco, CA 94111 partnerships and co-investments, in California. (415) 365-1070

The Proactive Portfolio private equity program includes the urban/rural investments and emerging managers programs. As of Oct. 31, the program had committed $985 million. The following are part of this program:

Solange Fernndez Brooks Investment Officer for California Investments (916) 229-0932 sbrooks@calstrs.com

Banc of America Capital Access Fund targets private Banc of America Capital Access equity funds that aim to invest in underserved markets. Funds 231 South LaSalle Street The New and Next Generation Manager Fund Chicago, IL 60697 managed by INVESCO Private Capital focuses on (312) 828-2278 emerging funds that have been formed by experienced professionals with proven track records and are 1st, INVESCO Private Capital 2nd or 3rd time funds. 1166 Avenue of the Americas New York, NY 10036 CalSTRS also has a side-by-side investment program (212) 278-9000 where it commits directly to funds.

The program seeks newer private equity partnerships with assets of less than $750 million that have a hard time accessing large institutions. Eventually, those managers will serve as a feeder to the core investment portfolio. The LP prefers to use a customized, separately managed account but will consider existing funds. The mandate emphasizes identifying and investing in historically undercapitalized segments of Aldus Equity Partners the private equity market. 2651 N. Harwood Street Suite 210 Aldus Equity Partners, a fund-of-funds manager, has a Dallas, Texas 75201 mandate to identify emerging managers that offer (214) 234-3995 attractive investment opportunities.

The program s serves to help the state locate small, boutique managers in order to achieve high returns.

Bay Hills Capital 101 California Street Suite 1725 San Francisco, CA 94111 (415) 391-4240

Vehicles must be the GPs first, second or third funds. Historically, the emerging manager program has had a U.S. focus. Laceras Board recently adopted a new private equity program structure, relying on discretionary managers to gain exposure to areas of the market such as small to mid-sized corporate finance funds and emerging managers that are difficult to access.

JPMorgan Private Equity Group Sekou H. Kaalund Head of Business Development sekou.h.kaalund@jpmchase.com (212) 552-4001

StepStone Group 8910 University Center Lane, Suite The goal of the emerging manager program is to find 615 and grow managers that can bring new talent to LAFPP La Jolla, CA 92122 that they would otherwise not have used. (858) 558-9700

The goal is to provide returns greater than the traditional private equity program. PRIM seeks to commit up to 20 percent of an emerging funds total committed capital. Usually, emerging funds should have a minimum size of $100 million with at least one additional institutional investor. GPs must have a relevant private equity track record attributable to the firm or the individual general partners. Funds-of-funds manager Muller & Monroe Asset Management invests primarily in private equity funds managed by minorities and women that are based in the Midwest. The firm seeks $300 million for its sophomore vehicle, M2 Private Equity Fund-of-Funds LP.

Wayne Smith Senior Investment Officer, Alternative Investments (617) 946-8428 Muller & Monroe Asset Management, LLC. 180 North Stetson Avenue Suite 1320 Chicago, Illinois 60601 (312) 782-7771

Teachers' Retirement System of the State of Illinois 2815 West Washington Street TRS Illinois seeks to back spin-outs from proven firms Springfield, IL 62702 and pays extra attention to firms owned by minorities (217) 753-0370 and women to find the next generation of top-tier managers.TRS Illinois staff will supervise the selection PCG Asset Management, LLC of fund commitments with the help of PCG Asset 1200 Prospect Street, Suite 200 Management. La Jolla, CA 92037 (800) 900-9181