CalPERS on Friday said it's investing $500 million with a Scottish firm that will plow the money into a variety of investments.
The deal with Standard Life Investments is the first of several investments under CalPERS' new "multi-asset class partners" program.
The program invests in public equities, bonds and other assets, said CalPERS spokesman Joe DeAnda. As part of the deal, Standard Life has agreed to share its "methodologies and strategies" with Cal-PERS officials, he said.
CalPERS has agreed to make similar investments with three other firms: AlphaSimplex Group of Cambridge, Mass.; AQR Capital Management of Greenwich, Conn.; and Pimco of Newport Beach. But no dollars have yet been committed.
Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.