This 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.)

Meeting Agenda for November 16, 2015

8:15 a.m. - Closed Session

Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later

Chief Investment Officer's Briefing on Market and Personnel Issues
(Government Code sections 11126(a)(1) and (c)(16))

Investment Committee Closed Session with Consultants – Investment Strategies
(Government Code section 11126(c)(16))

8:30 a.m. - Open Session

Or Upon Adjournment or Recess of Closed Session, Whichever is Later

Open Session

  1. Agenda Items
    1. Call to Order and Roll Call
    2. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.) Ted Eliopoulos
    3. Consent Items
      Action Consent Items:Ted Eliopoulos
      1. Approval of the October 19, 2015 Investment Committee Meeting Minutes
    4. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Annual Calendar Review
      2. Draft Agenda for the December 14, 2015 Investment Committee Meeting
      3. Monthly Update – Performance and Risk
        1. Attachment 1
        2. Attachment 2
      4. Monthly Update – Investment Compliance
        1. Attachment 1
    5. Global Governance Policy Ad Hoc Subcommittee ReportBill Slaton
  2. Action Agenda Items
    1. Policy and Delegation
      1. Revision of Fixed Income Policies – Second ReadingWylie Tollette, Curtis Ishii, Kit Crocker
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
      2. Revision of Global Equity Policies – Third ReadingWylie Tollette, Dan Bienvenue, Kit Crocker
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
    2. Total Fund
      1. California Public Divest from Iran ActAnne Simpson
        1. Attachment 1
      2. Proposed Update to the Legislative and Policy Engagement Guidelines: Disclosure of Charitable and Political ContributionsAnne Simpson, James Andrus
      3. Contract Administration: General Pension Board Investment Consultant – Key Person ChangeWylie Tollette, Matt Jacobs
        1. Attachment 1
        2. Attachment 2
  3. Information Agenda Items
    1. Legislation
      1. Federal Investment Policy Representative UpdateDoug McKeever, Daniel Crowley, K&L Gates
        1. Attachment 1

Open Session Workshop 10:15 A.M. (TIME CERTAIN) LPN 1140 - Private Equity Workshop

    1. Program Reviews
      1. Private Equity Annual Program ReviewRéal Desrochers
        1. Attachment 1
        2. Attachment 2
      2. Consultant Review of Private Equity ProgramMichael Moy, Pension Consulting Alliance
        1. Attachment 1
    2. Policy & Delegation
      1. Proposed Revision of Private Equity Program Policies – First ReadingWylie Tollette, Réal Desrochers, Kit Croker
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
    3. Total Fund
      1. Report on Global Equity Portfolio Carbon Footprint – Montreal PledgeAnne Simpson, Divya Mankikar
        1. Attachment 1
    1. Summary of Committee Direction (Oral Report)Ted Eliopoulos
    2. Public Comment

Closed Session

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

  1. Agenda Items
    1. Call to Order and Roll Call
    2. Consent Items
      Action Consent Items:Ted Eliopoulos
      1. Approval of the October 19, 2015 Investment Committee Meeting Minutes
    3. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Closed Session Activity Reports
        1. Status of Action Items Not Yet Reported
        2. Items Completed Under Delegated Authority
        3. Disclosure of Placement Agent Fees: Proposed Investments
        4. Investment Proposal Status Reports
  2. Action Agenda Items
    1. Total Fund
      1. California Public Divest from Iran ActTed Eliopoulos, Anne Simpson
  3. Information Agenda Items
    1. External Manager and Investment Decision Updates
      1. Private EquityRéal Desrochers
      2. Real AssetsPaul Mouchakkaa
      3. Global EquityDan Bienvenue
      4. Global Fixed Income ProgramsCurtis Ishii
      5. OpportunisticTed Eliopoulos
    2. Personnel, Employment and Performance – Chief Investment Officer

WORKSHOP

10:15 a.m. (TIME CERTAIN)

  1. Agenda Items
    1. Private Equity Workshop
      1. Attachment 1
      2. Attachment 2 Part A
      3. Attachment 2 Part B
      4. Attachment 2 Part C
      5. Attachment 2 Part D
      6. Attachment 2 Part E
      7. Attachment 2 Part F
      8. Attachment 2 Part G
      9. Attachment 2 Part H
    2. Introduction Ted Eliopoulos
    3. Benefits and Drawbacks of Private Equity in the CalPERS PortfolioEric Baggesen, Andrew Junkin, Wilshire Associates Consulting, Josh Lerner, Harvard Business School
    4. Brief Review of Private Equity Industry and CalPERS' RoleTed Eliopoulos, Réal Desrochers, Allan Emkin, Pension Consulting Alliance, Bob Maynard, Public Employee Retirement, System of Idaho, Chris Ailman, California State Teachers' Retirement System
    5. Key Legal Terms and ConditionsMarte Castanos, Paul McCoy, Morgan, Lewis & Bockius LLP
    6. Examples of Waterfall AccountingScott Jacobsen, David Larsen, Duff & Phelps, LLC
    7. Investment Office 2020 Vision Ted Eliopoulos

Notes

  1. Items designated for information are appropriate for Committee Action if the Committee wishes to take action.
  2. 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.
  3. Public comment may be taken on any Agenda item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.


Location

CalPERS Headquarters
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA 95811

Parking
CalPERS Building Guide (PDF)

Security

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