CalPERS manages outsized equity risk
The $335 billion California Public Employees' Retirement System warned this week that it is greatly exposed to a downturn in global equity markets, as it prepares to monitor active risk closely.
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CalPERS says no to adding leverage
The California Public Employees’ Retirement System announces it won’t be introducing leverage, and gives some details on how it will choose a portfolio in December from the four it’s considering.
CalPERS mulls leverage
The board of the United States’ largest pension fund calls in the experts as it considers applying leverage in its portfolio, part of efforts to improve a 68 per cent liability-funding ratio.
CalPERS grapples with new allocation targets
Implementing the asset allocation changes of a very large portfolio, particularly in private markets, is a conundrum CalPERS is dealing with as it moves its asset allocation and decides how to fill new private market allocations. In February this year the $283 billion CalPERS investment committee approved a new strategic asset allocation which will
PE LPs overweighting home-state is hurting returns
New research finds institutional investors favour investing in private equity general partners that are located in the same state as their organisation. This is intuitive as local knowledge and contacts attract investments. However research from Stanford University finds this bias is coming at a large cost – about $1.2 billion a year – particularly for
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