Investment Committee - September 14, 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 September 14, 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. Public Comment
    3. Executive Report (PDF) — Stephen Gilmore
    4. Action Consent Items — Stephen Gilmore
      1. Approval of the September 14, 2026, Investment Committee Timed Agenda (PDF)
      2. Approval of the June 15, 2026, Investment Committee Open Session Meeting Minutes (PDF)
      3. Supplemental Income Plans Glide Path Implementation (PDF)
        1. Attachment 1 (PDF) - Wilshire Opinion Letter 
    5. Information Consent Items — Stephen Gilmore
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the November 16, 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 June 30, 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 May 31, 2026 (no items to report)
        2. Attachment 2 (PDF)  - Disclosure of Material Violations of the Placement Agent Regulation for the period ending May 31, 2026 (no items to report)
        3. Attachment 3 (PDF) - Disclosure of Placement Agent Fees Report for the period ending June 30, 2026 (no items to report)
        4. Attachment 4 (PDF) - Disclosure of Material Violations of the Placement Agent Regulation for the period ending June 30, 2026 (no items to report)
        5. Attachment 5 (PDF) - Disclosure of Placement Agent Fees Report for the period ending July 31, 2026
        6. Attachment 6 (PDF) - Disclosure of Material Violations of the Placement Agent Regulation for the period ending July 31, 2026 (no items to report)
    6. Information Agenda Items
      1. Affiliate Fund Policy Amendments - First Reading (PDF) — Amy Deming, Christine Reese, Rafael Garcia
        1. Attachment 1 (PDF) - Legislators’ Retirement Fund Policy (Redline)
        2. Attachment 2 (PDF) - Legislators’ Retirement Fund Policy (Clean)
        3. Attachment 3 (PDF) - Judges’ Retirement System II Fund Policy (Redline)
        4. Attachment 4 (PDF) - Judges’ Retirement System II Fund Policy (Clean)
        5. Attachment 5 (PDF) - Wilshire Opinion Letter
        6. Attachment 6 (PDF) - Affiliate Fund Policy Amendments - First Reading - PPT Presentation
      2. CalPERS Trust Level Review (PDF) — Stephen Gilmore, Lauren Rosborough Watt
        1. Attachment 1 (PDF) - CalPERS Trust Level Review as of June 30, 2026
        2. Attachment 2 (PDF) - CalPERS Trust Level Review Presentation
        3. Attachment 3 (PDF) - Public Employees’ Portfolio & Partnership Report
        4. Attachment 4 (PDF) - Independent Verifier’s Verification and Examination Report and GIPS Asset Owner Reports, as of June 30, 2026
        5. Attachment 5 (PDF) - Official Fund Level Performance Produced by CalPERS’ Financial Office
      3. CalPERS Trust Level Review Consultant Report (PDF) — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group
        1. Attachment 1 (PDF) - CalPERS Performance Review (Wilshire Associates)
        2. Attachment 2 (PDF) - Executive Summary of Performance (Wilshire Associates)
        3. Attachment 3 (PDF) - 2026 Annual Trust Level Review (Wilshire Associates)
        4. Attachment 4 (PDF) - CalPERS Universe Comparison Report (Wilshire Associates)
        5. Attachment 5 (PDF) - Private Equity Trust Level Review (Meketa Investment Group)
        6. Attachment 6 (PDF) - Private Debt Trust Level Review (Meketa Investment Group)
        7. Attachment 7 (PDF) - Real Estate Trust Level Review (Meketa Investment Group)
        8. Attachment 8 (PDF) - Infrastructure Trust Level Review (Meketa Investment Group)
      4. Global Fixed Income Annual Program Review (PDF) — Justin Scripps, David Bader, Richard Fiebrandt
        1. Attachment 1 (PDF) - Global Fixed Income Annual Program Review
        2. Attachment 2 (PDF) - Global Fixed Income Annual Program Review (Wilshire Associates)
      5. Global Public Equity Annual Program Review (PDF) — Simiso Nzima, Ron Chavez, Shazia Dawood, Drew Hambly, Sin Sai Vang
        1. Attachment 1 (PDF) - Global Public Equity Annual Program Review
        2. Attachment 2 (PDF) - Consultant Global Public Equity Program Review (Wilshire)
      6. Summary of Committee Direction — Michael Cohen

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 June 15, 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
    5. Information Agenda Items
      1. Global Fixed Income Program Strategy — Justin Scripps, David Bader, Richard Fiebrandt
      2. Global Public Equity Program Strategy — Simiso Nzima
      3. 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 — Justin Scripps
        7. Total Fund Portfolio Management — Derek Walker
        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.