Calpers has increased its stake in emerging managers for the second straight month by investing a combined $300m (€197bn) in a quantitative equities manager and a minority-focused fund of funds manager as part of the scheme’s ongoing efforts to diversify its $240bn portfolio.

Last month, Calpers, the largest pension scheme in the US, invested $150m into emerging fund of funds manager FIS Group and $200m in long-only equities manager Redwood Investment Management.