The policy has the support of the majority of board members but others argue the vague language can be used against board members who dissent.
Meanwhile, plan is winding down its money-losing in-state private equity program.
Unreported carried interest accounted for as much as 35% of state pension’s total fees in 2018.
The issue of CalPERS divesting from private prison companies CoreCivic and The GEO Group isn’t dead after all.
Fund veteran Arnold B. Phillips had been serving as interim head since May 2018.
The pension plan is still intent on building its own private equity organization.
However, new co-investment program won’t be discussed this month as expected, and the fate of proposed direct-style private equity program also remains unclear.
CalPERS stopped its co-investment program in 2016. Now CIO Ben Meng wants a restart.
Greg Ruiz, who has family ties to the fund, will take over from interim Sarah Corr.
Says actions from Climate Action 100+ initiative are starting to bear fruit.