FYI: A new strategy to invest more deeply in private equity is roiling the nation’s largest public pension fund.
Three of 13 directors who oversee the California Public Employees’ Retirement System raised questions last month about the transparency and scope of a proposed venture that would divert as much as $20 billion over the next decade to new investments in technology startups and privately held businesses.
Board members are expected to vote on Monday to indicate whether they support the plan, which represents a dramatic new bet for the $356 billion retirement system known as Calpers. Chief Investment Officer Ben Meng has said the expansion will help the system meet its 7% future return targets. Calpers currently has $28 billion devoted to private-equity bets.
Regards,
Ted
https://www.wsj.com/articles/calpers-wants-to-double-down-on-private-equity-11552834800
