The California Public Employees' Retirement System (CalPERS) has selected five investment advisors for its second Manager Development Program.

The program is designed to recruit talented emerging money management firms.

The pool of advisors includes: Strategic Investment Management, Progress Colchester Ventures, The Rock Creek Group, Bear Stearns Asset Management and Legato Capital Management.

The firms will help CalPERS with due diligence, selection and performance monitoring of emerging stock, high yield, and fund of hedge fund managers.

CalPERS is the largest US public pension fund with assets totalling USD 182 billion The System provides retirement and health benefits to more than 1.4 million State and local public employees and their families.