The Allstate Corporation (NYSE: ALL) has launched a program to invest with smaller private equity and real estate managers, with a focus on minority- and women-owned firms, the insurer announced Tuesday.
"We see this program as our farm team – a way to identify the next generation of investment stars, break down the high barriers to entry for these talented managers, and have Allstate be a catalyst in the success of emerging managers," Edgar Alvarado, Allstate's group head of real estate equity, said in a news release.
The program will be administered by the Customized Fund Investment Group (CFIG).
Allstate and CFIG seek managers who are raising their first, second or third institutional funds and have less than $500 million in assets under management.
Participating firms must be at least one-third minority- or woman-owned, or be paying at least half of fund-carried interest to women or minority staff.
The program's fund managers must identify investments in the U.S. that meet Allstate's desired risk-return profile.
Allstate's real estate investment platform includes global funds, co-investments, joint ventures and separate accounts. The insurer's investment portfolio totaled $80.48 billion in assets under management as of September 2013.
Allstate is headquartered in Northbrook, Ill.
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