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 June 15, 2020

View Open Session Meeting Transcript (PDF)

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)

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 ItemsYu (Ben) Meng
      1. Approval of the April 20, 2020 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
      2. Strategic Direction on Legacy AssetsSteve McCourt, Meketa Investment Group
   5. Information Agenda Items – External Manager and Investment Decision Updates
      1. Private EquityGreg Ruiz and Sarah Corr
      2. Real AssetsMike Inglett
      3. Global EquityDan Bienvenue
      4. Global Fixed IncomeArnie Phillips
      5. OpportunisticJean Hsu
      6. Trust Level Portfolio ManagementEric Baggesen
      7. Sustainable InvestmentsAnne Simpson
      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
   2. Call to Order and Roll Call (PDF)
   3. Approval of the June 15, 2020 Investment Committee Timed Agenda (PDF)
   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 April 20, 2020 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. 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)
   7. Information Agenda Item – Policy & Delegation
      1. Revision of the Total Fund Investment Policy - First Reading (PDF)Dan Bienvenue, Kit Crocker
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
   8. Information Agenda Items – Total Fund
      1. ALM Mid-Cycle Review (PDF)Eric Baggesen, Christine Reese, Dianne Sandoval
         1. Attachment 1 (PDF)
      2. CalPERS Consultant Public Fund Universe Report (PDF)Tom Toth, Wilshire Associates
         1. Attachment 1 (PDF)
      3. CalPERS' Investment Strategy on Climate Change: First Report in Response to the Task Force on Climate-Related Financial Disclosure (TCFD) (PDF)Anne Simpson, Divya Mankikar
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
   9. Summary of Committee Direction (Oral Report)Yu (Ben) Meng
   10. 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 may be considered by the Board at a subsequent Board meeting.
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.) Members of the public may provide public comment via telephone by calling (800) 259-4105.
4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
5. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.