Investment Committee - June 15, 2026

The Investment Committee reviews investment transactions, the investment performance of both internal and external managers, and establishes investment policy and strategy.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference.

Meeting Agenda for June 15, 2026

Open Session

8:45 a.m. or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later.

  1. Item
    1. Call to Order and Roll Call (PDF)
    2. Executive Report (PDF) — Stephen Gilmore
    3. Action Consent Items — Stephen Gilmore
      1. Approval of the June 15, 2026, Investment Committee Timed Agenda (PDF)
      2. Approval of the March 16 & 17, 2026, Investment Committee Open Session Meeting Minutes (PDF)
    4. Information Consent Items — Stephen Gilmore
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the September 14, 2026, Investment Committee Meeting (PDF)
      3. Quarterly Update – Affiliates Performance and Risk (PDF)
        1. Attachment 1 (PDF) - Quarterly Update – Affiliates Performance and Risk (Quarter Ending March 31, 2026) 
      4. Quarterly Update – Investment Controls (PDF)
        1. Attachment 1 (PDF)  - Quarterly Update – Investment Controls
      5. Disclosure of Placement Agent Fees and Material Violations (PDF)
        1. Attachment 1 (PDF) - Disclosure of Placement Agent Fees Report for the period ending February 28, 2026 (no items to report)
        2. Attachment 2 (PDF) - Disclosure of Material Violations of the Placement Agent Regulation for the period ending February 28, 2026 (no items to report)
        3. Attachment 3 (PDF) - Disclosure of Placement Agent Fees Report for the period ending March 31, 2026 (no items to report)
        4. Attachment 4 (PDF) - Disclosure of Material Violations of the Placement Agent Regulation for the period ending March 31, 2026 (no items to report)
        5. Attachment 5 (PDF) - Disclosure of Placement Agent Fees Report for the period ending April 30, 2026
        6. Attachment 6 (PDF) - Disclosure of Material Violations of the Placement Agent Regulation for the period ending April 30, 2026 (no items to report)
      6. Reference Portfolio Benchmark Transition (PDF) - Tom Toth, Wilshire Advisors
        1. Attachment 1 (PDF) - Wilshire Associates Reference Portfolio Benchmark Transition Opinion Letter
    5. Action Agenda Items
      1. Total Fund Policy Review — Second Reading (PDF) - Amy Deming
        1. Attachment 1 (PDF) - Total Fund Policy Review — Second Reading Presentation
        2. Attachment 2 (PDF) - Inventory of Substantive Policy Updates Since March 2026 IC 
        3. Attachment 3 (PDF) - Current Total Fund Policy (clean, annotated)
        4. Attachment 4 (PDF) - Proposed CalPERS’ Investment Beliefs (redline)
        5. Attachment 5 (PDF) - Proposed CalPERS Investment Beliefs (clean)
        6. Attachment 6 (PDF) - Proposed CalPERS Statement of Investment Policy (redline)
        7. Attachment 7 (PDF) - Proposed CalPERS Statement of Investment Policy (clean)
        8. Attachment 8 (PDF) - Proposed CalPERS Governance and Sustainability Principles (clean)
        9. Attachment 9 (PDF) - Proposed CalPERS Divestment Policy (clean)
        10. Attachment 10 (PDF) - Proposed Public Employees’ Retirement Fund Investment Policy (clean)
        11. Attachment 11 (PDF) - Public Employees’ Long-Term Care Fund Investment Policy (redline)
        12. Attachment 12 (PDF) - Public Employees’ Long-Term Care Fund Investment Policy (clean)
        13. Attachment 13 (PDF) - California Employers’ Retiree Benefit Trust Fund Investment Policy (redline)
        14. Attachment 14 (PDF) - California Employers’ Retiree Benefit Trust Fund Investment Policy (clean)
        15. Attachment 15 (PDF) - California Employers’ Pension Prefunding Trust Fund Investment Policy (redline)
        16. Attachment 16 (PDF) - California Employers’ Pension Prefunding Trust Fund Investment Policy(clean)
        17. Attachment 17 (PDF) - Legislators’ Retirement Fund Investment Policy (redline)
        18. Attachment 18 (PDF) - Legislators’ Retirement Fund Investment Policy (clean)
        19. Attachment 19 (PDF) - Judges’ Retirement Fund Investment Policy (redline)
        20. Attachment 20 (PDF) - Judges’ Retirement Fund Investment Policy (clean)
        21. Attachment 21 (PDF) - Judges’ Retirement System II Fund Investment Policy (redline)
        22. Attachment 22 (PDF) - Judges’ Retirement System II Fund Investment Policy (clean)
        23. Attachment 23 (PDF) - Public Employees’ Health Care Fund Investment Policy (redline)
        24. Attachment 24 (PDF) - Public Employees’ Health Care Fund Investment Policy (clean)
        25. Attachment 25 (PDF) - Supplemental Income Plans Investment Policy (redline)
        26. Attachment 26 (PDF) - Supplemental Income Plans Investment Policy (clean)
        27. Attachment 27 (PDF) - CalPERS Investment Specific Glossary (redline)
        28. Attachment 28 (PDF) - CalPERS Investment Specific Glossary (clean)
        29. Attachment 29 (PDF) - Consultant Opinion Letter — Wilshire Associates (General Pension Consultant)
        30. Attachment 30 (PDF) - Consultant Opinion Letter — Meketa Investment Group (Private Asset Class Board Investment Consultant)
      2. Asset Liability Management: Second Reading — Affiliate Funds Recommendations (PDF) - Stephen Gilmore, Michele Nix, Scott Terando, Christine Reese, Saeed Daroogheha
        1. Attachment 1 (PDF) - Asset Liability Management: Second Reading - Affiliate Funds Recommendations
        2. Attachment 2 (PDF) - Wilshire Opinion Letter
    6. Information Agenda Items
      1. Quarterly Chief Investment Officer Report (PDF) — Stephen Gilmore, Lauren Rosborough Watt
        1. Attachment 1 (PDF) - Trust Level Review, Interim Quarter
        2. Attachment 2 (PDF) - Quarterly Chief Investment Officer Report
      2. Asset Liability Management: First Reading  — Supplemental Income Plans Recommendations (PDF) - Stephen Gilmore, Michele Nix, Scott Terando, Christine Reese, Saeed Daroogheha
        1. Attachment 1 (PDF) - Asset Liability Management: First Reading – Supplemental Income Plans Recommendations
        2. Attachment 2 (PDF) - Wilshire Opinion Letter
      3. Private Equity Annual Program Review (PDF) — Anton Orlich, Kristl Okimoto, Roar Storebaug
        1. Attachment 1 (PDF) - Private Equity Annual Program Review PPT
        2. Attachment 2 (PDF) - Private Equity Annual Program Review (Meketa Investment Group)
      4. Private Debt Annual Program Review (PDF) — Mascha Canio, Ryan Ong, Justin Scripps
        1. Attachment 1 (PDF) - Private Debt Annual Program Review
        2. Attachment 2 (PDF) - Private Debt Annual Program Review (Meketa Investment Group)
      5. Real Estate Annual Program Review (PDF) — Sarah Corr, Jane Delfendahl, Edward Yrure
        1. Attachment 1 (PDF) - Real Estate Annual Program Review
        2. Attachment 2 (PDF) - Meketa Real Estate Update
      6. Infrastructure Annual Program Review (PDF) — Sarah Corr, Juan Gaviria
        1. Attachment 1 (PDF) - Infrastructure Annual Program Review
        2. Attachment 2 (PDF) - Meketa Infrastructure Update
      7. Summary of Committee Direction — Michael Cohen
      8. Public Comment

Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)).

  1. Item
    1. Call to Order and Roll Call
    2. Executive Report – Investment Strategy — Stephen Gilmore
    3. Action Consent Item — Stephen Gilmore
      1. Approval of the March 16, 2026, Investment Committee Closed Session Meeting Minutes
    4. Information Consent Items — Stephen Gilmore
      1. Closed Session Activity Reports
        1. Status of Action Items Not Yet Reported
      2. Disclosure of Placement Agent Fees
      3. Reference Portfolio Benchmark Implementation and Transition – Tom Toth, Wilshire Advisors
    5. Information Agenda Items
      1. Asset Liability Management: Public Employees’ Retirement Fund Implementation Strategy — Stephen Gilmore, Michele Nix, Scott Terando
      2. Private Equity Program Strategy — Anton Orlich, Kristl Okimoto, Roar Storebaug
      3. Private Debt Program Strategy — Mascha Canio, Ryan Ong, Justin Scripps
      4. Real Estate Program Strategy — Sarah Corr, Jane Delfendahl, Edward Yrure
      5. Infrastructure Program Strategy — Sarah Corr, Juan Gaviria
      6. Investment Pipeline and Activity Report
        1. Affiliate Funds — Christine Reese
        2. Private Equity — Anton Orlich
        3. Private Debt — Mascha Canio
        4. Real Assets — Sarah Corr
        5. Global Public Equity — Simiso Nzima
        6. Global Fixed Income — David Bader
        7. Total Fund Portfolio Management — Brian Leu
        8. Sustainable Investments — Peter Cashion
        9. Opportunistic/Other — Stephen Gilmore
    6. Chief Investment Officer – Personnel, Employment and Performance
    7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants

Open Session

Upon Adjournment of Closed Session.

  1. Item
    1. Adjournment of Meeting

Resources

Location

Feckner Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA 95811

Security

For your safety, attendees are screened upon entering the auditorium.