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 13, 2017

8:45 am - Closed Session

Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
(Government Code sections 11126(a)(1) and 11126(c)(16))

Closed Session

  1. Agenda Items
    1. Chief Investment Officer's Briefing on Market and Personnel ItemsTed Eliopoulos

9:00 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. 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 September 18, 2017 Investment Committee Meeting Minutes
    4. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Annual Calendar Review
      2. Draft Agenda for December 18, 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. Federal Investment Policy Representative Update
        1. Attachment 1
  2. Action Agenda Items
    1. Policy & Delegation
      1. Public Asset Class Investment Policies – Second ReadingWylie Tollette, Kit Crocker
        Andrew Junkin, Wilshire Associates
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
  3. Information Agenda Items
    1. Program Reviews
      1. Private Equity Annual Program ReviewSarah Corr, Mahboob Hossain
        1. Attachment 1
        2. Attachment 2
      2. Consultant Review of the Private Equity ProgramStephen McCourt, Steven Hartt, Meketa Investment Group
        1. Attachment 1
      3. Real Assets Annual Program ReviewPaul Mouchakkaa, Mike Inglett, Jane Delfendahl, Beth Richtman, Ed Yrure
        1. Attachment 1
        2. Attachment 2
      4. Consultant Review of the Real Assets ProgramAllan Emkin, David Glickman, Christy Fields, Pension Consulting Alliance
        Lisa Bacon, Stephen McCourt, Meketa Investment Group
        Andrew Junkin, Wilshire Associates Consulting
        1. Attachment 1
        2. Attachment 2
        3. Attachment 3
    2. Summary of Committee Direction (Oral Report)Ted Eliopoulos
    3. 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 September 18, 2017 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. Asset Allocation
      1. Impact of Asset SegmentsEric Baggesen
    2. Total Fund
      1. Private Equity: Follow up on Alternative Business ModelsTed Eliopoulos, John Cole
        Larry Sonsini, Wilson Sonsini, Goodrich & Rosati
    3. External Manager and Investment Decision Updates
      1. Private EquitySarah Corr
      2. Real AssetsPaul Mouchakkaa
      3. Global EquityDan Bienvenue
      4. Global Fixed Income ProgramsCurtis Ishii
      5. OpportunisticKevin Winter
      6. Trust Level Portfolio ManagementEric Baggesen
    4. Chief Investment Officer – Personnel, Employment and PerformanceTed Eliopoulos
    5. Investment Strategy Session with Board's Independent Consultants

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. (Cal. Code Regs., tit. 2, § 552.1.)
  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.