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 February 13, 2017

9:00 am - Closed Session

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

Closed Session

  1. Agenda Items
    1. Chief Investment Officer's Briefing on Market and Personnel IssuesTed Eliopoulos (Government Code sections 11126(a)(1) and 11126(c)(16))

9:30 am - 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. Election of the Investment Committee Chair and Vice Chair
    3. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Ted Eliopoulos
    4. Consent Items
      Action Consent Items:Ted Eliopoulos
      1. Approval of the December 19, 2016 Investment Committee Meeting Minutes
      2. Report to the California Legislature – Holocaust Era and Northern Ireland
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
    5. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Annual Calendar Review
      2. Draft Agenda for the March 13, 2017 Investment Committee Meeting
      3. Monthly Update – Performance and Risk
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
      4. Monthly Update – Investment Compliance
        1. Attachment 1
        2. Attachment 2
      5. Legislation – Federal Investment Policy Representative Update
        1. Attachment 1
  2. Action Agenda Items
    1. Legislation
      1. Annual Review of the Legislative and Policy Engagement Guidelines – Second ReadingMary Anne Ashley, Matthew Jacobs, Wylie Tollette
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
      2. Assembly Bill 20 (Kalra) Dakota Access Pipeline: DivestmentMary Anne Ashley, Wylie Tollette, Kit Crocker
        1. Attachment 1
  3. Information Agenda Items
    1. Total Fund
      1. CalPERS Trust Level Review – Consultant ReportAndrew Junkin, Wilshire Associates Consulting
        Michael Moy, Andrew Bratt, Christy Fields, Pension Consulting Alliance
        David Altshuler, StepStone
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
      2. CalPERS Trust Level ReviewTed Eliopoulos, Wylie Tollette, Eric Baggesen, John Rothfield
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
      3. Consultant Review of CalPERS DivestmentsAndrew Junkin, Steve Foresti, Wilshire Associates Consulting
        1. Attachment 1
    2. Policy & Delegation
      1. Revision of the Total Fund Investment Policy – First ReadingWylie Tollette, Kit Crocker
        Andrew Junkin, Wilshire Associates Consulting
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
        4. Attachment 4
        5. Attachment 5
        6. Attachment 6
      2. Repeal of the Legacy Real Assets Policies – First ReadingWylie Tollette, Kit Crocker, Paul Mouchakkaa
        Christy Fields, Pension Consulting Alliance
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
    3. Program Reviews
      1. Corporate Governance UpdateDan Bienvenue, Simiso Nzima
        1. Attachment 1
    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 December 19, 2016 Investment Committee Closed Session 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. Total Fund
      1. CalPERS Trust Level ReviewTed Eliopoulos, Wylie Tollette, Eric Baggesen
    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. OpportunisticKevin Winter
      6. Asset AllocationEric Baggesen

Notes

  1. 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, held immediately prior to this Board meeting, may be considered by the Board.
  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 three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
  4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.


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.