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 June 18, 2018

View Open Session Meeting Transcript (PDF)

9:00 am - Open Session

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

Open Session

  1. Agenda Items
    1. Call to Order and Roll Call (PDF)
    2. Approval of the June 18, 2018 Investment Committee Timed Agenda (PDF)Henry Jones
    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 May 14, 2018 Investment Committee Meeting Minutes (PDF)
    5. Consent Items
      Information Consent Items:Ted Eliopoulos
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the August 13, 2018 Investment Committee Meeting (PDF)
      3. Monthly Update – Performance and Risk (PDF)
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
      4. Monthly Update – Investment Compliance (PDF)
        1. Attachment 1 (PDF)
  2. Action Agenda Items
    1. Asset Allocation
      1. Affiliate Trust Asset Allocation Review: Health Care Fund Reserve and Long-Term Care Fund (PDF)Eric Baggesen, Dan Bienvenue, Christine Reese, Alison Li
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
    2. Policy & Delegation
      1. Revision of Total Fund Policy – Second Reading (PDF)Elisabeth Bourqui, Kit Crocker
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
        4. Attachment 4 (PDF)
        5. Attachment 5 (PDF)
  3. Information Agenda Items
    1. Policy & Delegation
      1. Revision of the Private Equity Program Policy – First Reading (PDF)Kit Crocker, Sarah Corr
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
    2. Total Fund
      1. CalPERS for California and California Initiative (PDF)Clinton Stevenson
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
      2. Update Private Equity Business Model Alternatives (PDF)Ted Eliopoulos, Elisabeth Bourqui, John Cole
        1. Attachment 1 (PDF)
        Dr. Ashby Monk, Stanford Global Projects Center
      3. Corporate Board Diversity Update (PDF)Beth Richtman, Simiso Nzima
        1. Attachment 1 (PDF)
    3. Summary of Committee Direction (Oral Report)Ted Eliopoulos
    4. 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 May 14, 2018 Investment Committee Closed Session 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. Real Estate Investment OpportunityPaul Mouchakkaa
  3. Information Agenda Items
    1. Total Fund
      1. Affiliate Funds UpdateDan Bienvenue, Kit Crocker, Christine Reese
      2. Private Equity: Follow up on Alternative Business ModelsTed Eliopoulos, Elisabeth Bourqui, John Cole
      3. Strategic Asset Allocation - ImplementationEric Baggesen, Dianne Sandoval
    2. External Manager and Investment Decision Updates
      1. Private EquitySarah Corr
      2. Real AssetsPaul Mouchakkaa
      3. Global EquityDan Bienvenue
      4. Global Fixed Income ProgramsArnie Phillips
      5. OpportunisticKevin Winter
      6. Trust Level Portfolio ManagementEric Baggesen
    3. Chief Investment Officer – Personnel, Employment and PerformanceTed Eliopoulos
    4. Investment Strategy Session with the 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 Presiding Officer. (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.