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 December 14, 2015

9:00 a.m. - Open Session

Or Upon Adjournment or Recess of the Board of Administration 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 November 16, 2015 Investment Committee Meeting Minutes
      2. Report to the California Legislature – Iran and Sudan
        1. Attachment 1
        2. Attachment 2
    4. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Annual Calendar Review
      2. Draft Agenda for the February 16, 2016 Investment Committee Meeting
      3. Monthly Update – Performance and Risk
        1. Attachment 1
        2. Attachment 2
      4. Monthly Update – Investment Compliance
        1. Attachment 1
      5. Federal Investment Policy Representative Update
        1. Attachment 1
    5. Global Governance Policy Ad Hoc Subcommittee ReportBill Slaton
  2. Action Agenda Items
    1. Total Fund
      1. Annual Report to the California Legislature – CalPERS Emerging Manager Five-Year PlanLaurie Weir
        1. Attachment 1
    2. Policy & Delegation
      1. Revision of Private Equity Program Policy – Second ReadingWylie Tollette, Réal Desrochers, Kit Crocker
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
  3. Information Agenda Items
    1. Business Plan/Roadmap
      1. Investment Office Roadmap UpdateTed Eliopoulos, Wylie Tollette
        1. Attachment 1
    2. Program Reviews
      1. Real Assets Annual Program ReviewPaul Mouchakkaa
        1. Attachment 1
        2. Attachment 2
      2. Consultant Review of the Real Assets ProgramDavid Glickman, Christy Fields, Dillon Lorda, Pension Consulting Alliance, Andrew Junkin, Wilshire Associates Consulting, David Altshuler, StepStone Group, LLC
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
      3. Responsible Contractor Policy Program Annual UpdateLaurie Weir
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
    3. Policy & Delegation
      1. Proposed Revision to the Real Assets Policy – First ReadingWylie Tollette, Paul Mouchakkaa, Kit Crocker
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
    4. Summary of Committee Direction (Oral Report)Ted Eliopoulos
    5. 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 November 16, 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. Information Agenda Items
    1. Program Review
      1. Real Assets Investment OpportunityPaul Mouchakkaa
    2. 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

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.