Investment Committee Agenda

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 18, 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 November 18, 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 September 16, 2019 Investment Committee Open Session Meeting Minutes (PDF)
   6. Information Consent ItemsYu (Ben) Meng
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the December 16, 2019 Investment Committee Meeting (PDF)
      3. Monthly Update – Performance and Risk (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      4. Monthly Update – Investment Controls (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      5. Disclosure of Placement Agent Fees and Material Violations (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
   7. Action Agenda Item – Independent Oversight
      1. Board Investment Consultants – Results of Board Investment Consultants Interviews and Intent to Award (PDF)Dan Bienvenue and Matt Flynn
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
   8. Action Agenda Item – Policy & Delegation
      1. Public Asset Class Program Policy Revisions – 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)
   9. Information Agenda Item – Program Reviews
      1. Real Assets Annual Program Review (PDF)Paul Mouchakkaa
         1. Attachment 1 (PDF)
      2. Consultant Review of the Real Assets Program (PDF)Christy Fields, David Glickman, and Lisa Bacon, Meketa Investment Group and Andrew Junkin, Wilshire Associates
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
      3. Private Equity Annual Program Review (PDF)Greg Ruiz and Sarah Corr
         1. Attachment 1 (PDF)
      4. Consultant Review of the Private Equity Program (PDF)Steven Hartt and Judy Chambers, Meketa Investment Group
         1. Attachment 1 (PDF)
   10. Information Agenda Item – Policy & Delegation
       1. Private 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)
          6. Attachment 6 (PDF)
          7. Attachment 7 (PDF)
          8. Attachment 8 (PDF)
          9. Attachment 9 (PDF)
   11. Information Agenda Items – Total Fund
       1. Affiliate Trust Fixed Income Benchmark Update (PDF)Eric Baggesen and Christine Reese
       2. CalPERS Strategy on Sustainability (PDF)Anne Simpson, Beth Richtman, and Simiso Nzima
          1. Attachment 1 (PDF)
       3. CalPERS for California Annual Update (PDF)Dan Bienvenue
          1. Attachment 1 (PDF)
          2. Attachment 2 (PDF)
   12. Summary of Committee Direction (Oral Report)Yu (Ben) Meng
   13. 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 September 16, 2019 Investment Committee Closed Session Meeting Minutes
      2. November 2019 Contract Prospective Report
   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
   4. Information Agenda Item – Program Reviews
      1. Private Markets Annual Program ReviewPaul Mouchakkaa, Greg Ruiz, and Sarah Corr
   5. Information Agenda Items – Total Fund
      1. Investment Strategy ReviewYu (Ben) Meng
   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. 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.