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 September 16, 2019

View Open Session Meeting Transcript (PDF)

Open Session

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

  1. Item
    1. Call to Order and Roll Call (PDF)
    2. Approval of the September 16, 2019 Investment Committee Timed Agenda (PDF)
    3. Pledge of Allegiance
    4. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Yu (Ben) Meng
    5. Action Consent ItemYu (Ben) Meng
      1. Approval of the August 19, 2019 Investment Committee Open Session Meeting Minutes (PDF)
      2. Approval of the August 20, 2019 Investment Committee Open Session Meeting Minutes (PDF)
    6. Information Consent ItemsYu (Ben) Meng
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the November 18, 2019 Investment Committee Meeting (PDF)
      3. Monthly Update – Performance and Risk (PDF)
        1. Attachment 1 (PDF)
      4. Monthly Update – Investment Controls (PDF)
        1. Attachment 1 (PDF)
      5. Disclosure of Placement Agent Fees and Material Violations (PDF)
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
    7. Action Agenda Item – Policy & Delegation
      1. Revision of Total Fund Policy - Second Reading (PDF)Dan Bienvenue, Kit Crocker, and Beth Richtman
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
        4. Attachment 4 (PDF)
        5. Attachment 5 (PDF)
        6. Attachment 6 (PDF)
    8. Information Agenda Item – Program Reviews
      1. Global Equity Annual Program Review (PDF)Dan Bienvenue
        1. Attachment 1 (PDF)
      2. Consultant Review of Global Equity Program (PDF)Andrew Junkin, Wilshire Associates
        1. Attachment 1 (PDF)
      3. Global Fixed Income Annual Program Review (PDF)Arnie Phillips
        1. Attachment 1 (PDF)
      4. Consultant Review of Global Fixed Income (PDF)Andrew Junkin, Wilshire Associates
        1. Attachment 1 (PDF)
    9. Information Agenda Item – Policy & Delegation
      1. Public Asset Class Program Policy Revisions - First Reading (PDF)Kit Crocker
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
        4. Attachment 4 (PDF)
        5. Attachment 5 (PDF)
    10. Information Agenda Items – Total Fund
      1. CalPERS Consultant Public Fund Universe Comparison Reports (PDF)Andrew Junkin, Wilshire Associates
        1. Attachment 1 (PDF)
      2. Information as an Asset (PDF)Andrew Junkin, Wilshire Associates, and Stephen McCourt, Meketa Investment Group
    11. Summary of Committee Direction (Oral Report)Yu (Ben) Meng
    12. 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 ItemYu (Ben) Meng
      1. Approval of the August 19, 2019 Investment Committee Closed Session Meeting Minutes
    3. Information Consent ItemsYu (Ben) Meng
      1. Closed Session Activity Reports
        1. Status of Action Items Not Yet Reported
        2. Items Completed Under Delegated Authority
        3. Investment Proposal Status Reports
      2. Disclosure of Placement Agent Fees: Proposed Investments
    4. Information Agenda Item – Program Reviews
      1. Public Markets Annual Program ReviewDan Bienvenue and Arnie Philips
    5. Information Agenda Item – Total Fund
      1. Co-Investment StrategyGreg Ruiz and Sarah Corr
    6. Information Agenda Items – External Manager and Investment Decision Updates
      1. Private EquityGreg Ruiz and Sarah 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
    7. Chief Investment Officer – Personnel, Employment and PerformanceYu (Ben) Meng
    8. 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.