82025.3. (a) 'External manager' means either of the following:(1) A person who is seeking to be, or is, retained by a state public retirement system in California or an investment vehicle to manage a portfolio of securities or other assets for compensation.(2) A person who manages an investment fund and who offers or sells, or has offered or sold, an ownership interest in the investment fund to a state public retirement system in California or an investment vehicle.(b) For purposes of this section, 'investment fund' has the same meaning as set forth in Section 7513.8.(c) For purposes of this section, 'investment vehicle' has the same meaning as set forth in Section 82047.3.(Amended by Stats. 2011, Ch. 704, Sec. 3. (SB 398) Effective October 9, 2011.)
California Legal Code