Calpers Steps Back From Four Pillars Strategy

The pension system is focusing more money and attention on co-investment deals and separately managed accounts.

The nation’s largest public pension system seems to be stepping back from an ambitious overhaul of its private-equity strategy outlined several years ago, even as it plows more capital into the asset class.

In 2020, the $445 billion California Public Employees’ Retirement System committed $18 billion to private equity, more than 2½ times the $6.9 billion it committed to the asset class in 2019, according to a report presented to the pension by its private-equity consultant Meketa Investment Group. 

The California Public Employees’ Retirement System is an agency in the California executive branch that “manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families.

Source: Wall Street Journal