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 17, 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 December 17, 2018 Investment Committee Timed Agenda (PDF)
    3. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Eric Baggesen
    4. Action Consent ItemEric Baggesen
      1. Approval of the November 13, 2018 Investment Committee Open Session Meeting Minutes (PDF)
    5. Information Consent ItemsEric Baggesen
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the February 19, 2019 Investment Committee Meeting (PDF)
      3. Monthly Update – Performance and Risk (PDF)
        1. Attachment 1 (PDF)
      4. Monthly Update – Investment Compliance (PDF)
        1. Attachment 1 (PDF)
      5. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) (PDF)
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
        4. Attachment 4 (PDF)
      6. Report to the Legislature - California Public Divest from Iran Act and Sudan Act Compliance (PDF)
        1. Attachment 1 (PDF)
    6. Action Agenda Item – Policy & Delegation
      1. Revision of Real Assets Program Policy (Infrastructure) (PDF)Paul Mouchakkaa and Kit Crocker
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
    7. Action Agenda Item – Independent Oversight
      1. Board Investment Consultant Request for Proposal - Public and Private (PDF)Eric Baggesen and Elisabeth Bourqui
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
    8. Information Agenda Item – Total Fund
      1. Consultant Review of CalPERS' Divestments (PDF)Steve Foresti, Wilshire Associates
        1. Attachment 1 (PDF)
      2. Emerging and Transition Manager 2020 Plan Update (PDF)Clinton Stevenson and Diego Carrillo
        1. Attachment 1 (PDF)
      3. Responsible Contractor Policy Program Annual Report (PDF)Carrie Douglas-Fong
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
      4. Summary of Private Equity Business Models (PDF)John Cole
        1. Attachment 1 (PDF)
    9. Summary of Committee Direction (Oral Report)Eric Baggesen
    10. 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 ItemsEric Baggesen
      1. Approval of the November 13, 2018 Investment Committee Closed Session Meeting Minutes
    3. Information Consent ItemsEric Baggesen
      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. Update on Private Equity Business ModelJohn 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 – Chief Investment Officer – Personnel, Employment and PerformanceEric Baggesen
    7. 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.