Hannah Zhang

The $21bn California pension is preparing a more hands-on investment approach in private markets, including more co-investments, GP stakes and joint ventures.

Founding investors in Collective Global include the Orange County Employees Retirement System and the City of San Jose Retirement System.

CIO Marcus Frampton proposed adding a 25% leverage to the fund in a special board meeting on Monday.

Speaking on the firm's latest earnings call, chief executive Marc Rowan said the firm is expecting family offices to invest more than half of their assets in alternatives over the next half-decade.