CalPERS’ three-and-a-half-year overhaul of its $242 billion global equities portfolio has delivered the program’s highest alpha in almost three decades, after the pension giant deployed $65 billion back into active strategies and dramatically tightened manager selection.
CalPERS is continuing to reap the benefits of a sweeping overhaul of its public and private equity programs, with the two asset classes, which are the biggest components in the portfolio, powering a 14.8 per cent return for the $637 billion fund in the last reporting period.
Individual investors are being denied access to tech shares and other growth because fewer businesses are publicly listed, a panel of asset management executives told the Milken conference.
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