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Board Of EducationThe Board of Education is a seven member legislative physique elected by residents of the school district. The investment organizations would disclose investment results, but considerably of their activities would operate in secret. Advisory boards formed to monitor the Innovation and Horizon investment teams would not have public meetings and the all round investment organizations would not be topic to public record requests. Also, the investment staff of new organizations would not be essential to fill out state disclosure forms on their investment holdings.

CalPERS’s personal information shows that the pension technique has received much more than $80 billion in private equity distributions combined for the 11 fiscal years among June 30, 2007, and June 30, 2018, but commitments to new investments in that time period are less than half of that figure.

The criticism is that CalPERS Direct” isn’t actually direct at all, like the way the Canadian pension plans operate, since the pension strategy is proposing a limited companion (CalPERS) and two but-to-be-announced general partners that would make the investments for Innovation and Horizon. This contrasts with key Canadian pension plans who have in some circumstances reduce out the middleman and do private equity investments directly.

CalPERS officials had mentioned previously they expected to present the Horizon and Innovation program to the system’s investment committee by February or March, but Meng mentioned there is no specific timetable to get the program authorized. He did say that CalPERS is moving as fast as attainable to get the plan to the investment committee.

I query the wisdom of Meketa, the private equity investment consultant, in advising CalPERS not to decrease the quantity of its private equity relationships down to 30 at most because I don’t forget Réal Desrochers telling me there had been also many relationships at one point and it was negatively impacting the overall performance of Private Equity.

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