CalPERS Joins Diversity "Pipeline" Project

The California Public Employees’ Retirement System, in its ongoing effort to promote and enhance diversity in the workplace and in its business operations, today announced it is becoming a founding member of the California Aspire Achieve Lead Pipeline Project (CaAAL Pipeline Project).  The project is an innovative education and mentoring program that seeks to encourage and develop young people for careers in the legal profession, financial services, and information technology.

The CaAAL Pipeline Project grew out of studies that show students of diverse backgrounds are failing early in life to gain the required tools and skills that will lead to a successful academic career, and later lead to a successful professional career in the legal field, financial services, and information technology. 

CalPERS is partnering with the California Public Utilities Commission (PUC) to provide leadership and take the program to the next level.  Other organizations will be recruited to join.

“The Pipeline Project is consistent with our philosophy that diversity of our workforce and in our business partnerships allows us to tap unique talents that gives us a business advantage and allows us to better serve our diverse membership,” said CalPERS Chief Executive Officer Fred Buenrostro.  “By joining forces with the PUC, we intend to make a difference in encouraging, guiding, and mentoring young people to pursue careers that they might not have considered.”

The CaAAL Pipeline Project will be organized as a California non-profit corporation with a fundraising arm called the California Pipeline Fund with 501(c)(3) status.  It is anticipated that funding will come from a combination of private partners and public sector grants.  Plans call for recruitment of a leading California university to serve as the project’s education partner and to coordinate and lead pipeline activities.

CalPERS established a formal diversity outreach program in 2004, establishing diversity as major business priority, and recognizing and celebrating diversity as a business asset.  The CalPERS Business Connection program assists small business owners and disabled-veteran business owners to compete more effectively for CalPERS business.

CalPERS also has several investment programs that have a distinct diversity focus.  The “California Initiative” component of the pension fund’s alternative investment program targets investments in California-oriented businesses that are underrepresented in the CalPERS private equity portfolio.  The California Urban Real Estate program, known as CURE, focuses on development and redevelopment of real estate projects in inner city neighborhoods of California’s metropolitan areas.  The Manager Development Program seeks to support and invest in talented emerging money management firms.

CalPERS is the largest public pension fund in the U.S., with more than $245 billion in assets.  It administers retirement and health benefit programs on behalf of 2,600 California public employers and 1.5 million active and retired public employees and their families.

For more information about CalPERS, visit the CalPERS Web site at www.calpers.ca.gov.