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, 2018

View Open Session Meeting Transcript (PDF)

Open Session

9:00 a.m.
Or upon adjournment or Recess of Board Closed Session – Whichever is later

  1. Item
    1. Call to Order and Roll Call (PDF)
    2. Approval of the November 13, 2018 Investment Committee Timed Agenda (PDF)
    3. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Ted Eliopoulos
    4. Action Consent ItemTed Eliopoulos
      1. Approval of the September 24, 2018 Investment Committee Open Session Meeting Minutes (PDF)
    5. Information Consent ItemsTed Eliopoulos
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the December 17, 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. Attachment 2 (PDF)
    6. Action Agenda Item – Policy & Delegation
      1. Review of Investment Policy Updates - Second Reading (PDF)Kit Crocker
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
        4. Attachment 4 (PDF)
        5. Attachment 5 (PDF)
        6. Attachment 6 (PDF)
        7. Attachment 7 (PDF)
    7. Information Agenda Item – Program Reviews
      1. Global Equity Annual Program Review (PDF)Dan Bienvenue, Nelson Da Conceicao, May Leung, and Christine Reese
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
      2. Consultant Review of the Global Equity Program (PDF)Andrew Junkin, Wilshire Associates
        1. Attachment 1 (PDF)
      3. Private Equity Annual Program Review (PDF)Sarah Corr and Mahboob Hossain
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
      4. Consultant Review of the Private Equity Program (PDF)Steven Hartt and Hannah Schriner, Meketa Investment Group
        1. Attachment 1 (PDF)
    8. Summary of Committee Direction (Oral Report)Ted Eliopoulos
    9. Public Comment

Closed Session

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

  1. Item
    1. Call to Order and Roll Call
    2. Action Consent ItemsTed Eliopoulos
      1. Approval of the September 24, 2018 Investment Committee Closed Session Meeting Minutes
    3. Information Consent ItemsTed 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
    4. Information Agenda Items – Total Fund
      1. Global Equity Annual Program ReviewDan Bienvenue
      2. Private Equity Annual Program ReviewSarah Corr
      3. Private Equity Business Model DiscussionTed Eliopoulos, Elisabeth Bourqui, and John Cole
    5. Information Agenda Items – External Manager and Investment Decision Updates
      1. Private EquitySarah Corr
      2. Real AssetsPaul Mouchakkaa
      3. Global EquityDan Bienvenue
      4. Global Fixed IncomeArnie Phillips
      5. OpportunisticKevin Winter
      6. Trust Level Portfolio ManagementEric Baggesen
    6. Information Agenda Item – 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.