The California Public Employees’ Retirement System (CalPERS) is seeking for a New Investment Vehicle to invest in partnerships that may be under-capitalized. The vehicle will focus on domestic emerging managers to generate superior risk-adjusted rates of return for the CalPERS Alternative Investment Management (AIM) Program.

The selected manager would invest in a 7-10 year relationship across venture capital, expansion capital and leverage buyout transactions. Interested candidates can send their applications until July 25, 2011.

Click here for the release from CalPERS.