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 March 18, 2019

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 March 18, 2019 Investment Committee Timed Agenda (PDF)
    3. Pledge of AllegianceBill Slaton
    4. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Ben Meng
    5. Action Consent ItemBen Meng
      1. Approval of the February 19, 2019 Investment Committee Open Session Meeting Minutes (PDF)
    6. Information Consent ItemsBen Meng
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the April 15, 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. Terminated Agency Pool Rebalance (PDF)
    7. Action Agenda Item – Legislative Proposals
      1. Assembly Bill 181 (Rodriguez) Emerging and Transition Investment Managers (PDF)Danny Brown
        1. Attachment 1 (PDF)
      2. Assembly Bill 33 (Bonta) Private Prison Divestment (PDF)Danny Brown
        1. Attachment 1 (PDF)
    8. Action Agenda Item – Total Fund
      1. Private Equity Business Model (PDF)Ben Meng, John Cole and Sarah Corr
        1. Attachment 1 (PDF)
    9. Information Agenda Item – Total Fund
      1. Sustainable Investments Update (PDF)Beth Richtman
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
      2. Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement (PDF)Dan Bienvenue and Simiso Nzima
        1. Attachment 1 (PDF)
      3. CalPERS Divestment Overview (PDF)Kit Crocker and Steve Foresti, Wilshire Associates Incorporated
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
    10. Summary of Committee Direction (Oral Report)Ben Meng
    11. 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 ItemsBen Meng
      1. Approval of the February 19, 2019 Investment Committee Closed Session Meeting Minutes
    3. Information Consent ItemsBen Meng
      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. Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate EngagementDan Bienvenue and Simiso Nzima
    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
      7. Sustainable InvestmentsBeth Richtman
    6. Chief Investment Officer - Personnel, Employment and Performance
    7. Information Agenda Item – Investment Strategy Session with the Board's Independent Consultants


  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.


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