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 16, 2019

View Open Session Meeting Transcript (PDF)

Open Session

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

  1. Item
    1. Call to Order and Roll Call (PDF)
    2. Approval of the December 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 November 18, 2019 Investment Committee Open Session Meeting Minutes (PDF)
    6. Information Consent ItemsYu (Ben) Meng
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the Next 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)
      6. 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)
      7. Report to the California Legislature – California Public Divest from Iran and Sudan Act Compliance (PDF)
        1. Attachment 1 (PDF)
      8. Report to the California Legislature – Holocaust Era and Northern Ireland (PDF)
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
        4. Attachment 4 (PDF)
      9. Public Report – Climate-Related Financial Risk (SB 964) (PDF)
        1. Attachment 1 (PDF)
      10. Responsible Contractor Program Policy Annual Report (PDF)
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
        3. Attachment 3 (PDF)
    7. Action Agenda Item – Policy & Delegation
      1. Private 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)
        6. Attachment 6 (PDF)
        7. Attachment 7 (PDF)
        8. Attachment 8 (PDF)
        9. Attachment 9 (PDF)
    8. Information Agenda Item – Total Fund
      1. Consultant Review of CalPERS Divestments (PDF)Steve Foresti, Wilshire Associates
        1. Attachment 1 (PDF)
        2. Attachment 2 (PDF)
    9. Investment Education Workshop #4
      1. Private Markets Workshop (PDF)Anne Simpson and Von M. Hughes, PAAMCO Prisma
        1. Attachment 1 (PDF)
    10. Summary of Committee Direction (Oral Report)Yu (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 ItemYu (Ben) Meng
      1. Approval of the November 18, 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
    4. Information Agenda Items – Total Fund
      1. Investment Strategy: The 7% ChallengeYu (Ben) Meng
      2. Total Fund Benchmark UpdateEric Baggesen
    5. 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. OpportunisticJean Hsu
      6. Trust Level Portfolio ManagementEric Baggesen
      7. Sustainable InvestmentsBeth Richtman
      8. Research and Strategy GroupKevin Winter
    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.