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 March 16, 2020

Open Session

8:45 a.m.
Or upon adjournment of the Closed Session – Whichever is later

1. Item
   1. Call to Order and Roll Call (PDF)
   2. Pledge of Allegiance
   3. Election of the Chair and Vice Chair

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 December 16, 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: Toward a 7% SolutionYu (Ben) Meng, Dan Bienvenue, Jean Hsu
      2. Strategic Direction on Legacy AssetsSteve McCourt, Meketa Investment Group
      3. Global Equity Capitalization Weighted Benchmark ModificationsEric 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. Chief Investment Officer – Personnel, Employment and Performance
   7. Information Agenda Item – Investment Strategy Session with the Board's Independent Consultants

Open Session

Upon Adjournment or Recess of Closed Session

1. Item
   4. Call to Order and Roll Call (PDF)
   5. Approval of the March 16, 2020 Investment Committee Timed Agenda (PDF)
   6. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Yu (Ben) Meng
   7. Action Consent ItemYu (Ben) Meng
      1. Approval of the December 16, 2019 Investment Committee Open Session Meeting Minutes (PDF)
      2. Review of the Investment Committee Delegation (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
   8. Information Consent ItemsYu (Ben) Meng
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the Next Investment Committee Meeting (PDF)
      3. Quarterly Update – Performance and Risk (PDF)
         1. Attachment 1 (PDF)
      4. Quarterly 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)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
         6. Attachment 6 (PDF)
      6. Terminated Agency Pool Rebalance (PDF)
   9. Information Agenda Items – Total Fund
      1. CalPERS Trust Level Review – Consultant Report (PDF)Andrew Junkin, Wilshire Associates Consulting; Steve McCourt, Meketa Investment Group
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
      2. CalPERS Trust Level Review (PDF)Yu (Ben) Meng
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
      3. Proxy Voting and Corporate Engagements Update (PDF)Dan Bienvenue, Simiso Nzima
         1. Attachment 1 (PDF)
   10. Summary of Committee Direction (Oral Report)Yu (Ben) Meng
   11. Public Comment

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.