Investment Committee
California Public Employees’ Retirement System
February 19, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
Julie Chapman
Bill Lockyer
John Chiang
Priya Mathur
Richard Costigan
Bill Slaton
Dan Dunmoyer

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
2.Election of Chair and Vice-Chair
Joseph Dear
3.Executive Report – Chief Investment Officer Briefing
Joseph Dear
4.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
b.Annual Reports to the Legislature – Holocaust Era and Northern Ireland
c.Proposed Regulation Relating to External Investment Resource Conflict of Interest Policy
d.Revision of the Global Fixed Income Program Policy
e.Revision of the Asset Allocation/Risk Management Delegation Resolution for Professional Staff
Joseph Dear
5.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for March 2013 Committee Meeting
c.Total Fund Monthly Update
Action Agenda Items
Ben Meng
6.Asset Allocation, Performance & Risk
a.Extension of Interim Asset Allocation Targets
Information Agenda Items
Joseph Dear
7.Program Review
Ed Robertiello
a.Absolute Return Strategies Strategic Plan
Michael Schlachter,
Andrew Junkin
Wilshire Associates
b.Consultant Review of the Absolute Return Strategies Program
Joseph Dear
8.Asset Allocation, Performance & Risk
Eric Baggesen
a.CalPERS CIO Total Fund Performance and Risk Report
Michael Schlachter,
Andrew Junkin
Wilshire Associates
David Glickman,
Michael Moy, Pension
Consulting Alliance
Inc.
b.Consultant Total Fund Performance and Risk Report
Anne Simpson
9.Total Fund
Joseph Dear
a.Global Governance Program Update
Eric Baggesen
Anne Simpson
b.Assault Weapon Manufacturers Portfolio Review
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
Ted Eliopoulos
4.Program Review
Michael Croft, Brett
Munger, Common
Wealth Partners
a.Real Estate Strategic Partner Presentation
Joseph Dear
5.Total Fund
Eric Baggesen
Anne Simpson
a.Assault Weapon Manufacturers Portfolio Review
Réal Desrochers
6.External Manager and Significant Activity Updates
Ted Eliopoulos
a.Private Equity
Eric Baggesen
b.Real Assets
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Geraldine Jimenez
f.Affiliate Investment Programs
Joseph Dear
g.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
March 18, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
Julie Chapman
Bill Lockyer
John Chiang
Priya Mathur
Richard Costigan
Bill Slaton
Dan Dunmoyer

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
OPEN SESSION
WORKSHOP
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
Janine Guillot
1.Open Session Workshop
Allan Emkin, Pension
Consulting Alliance
a.Investment Beliefs Stakeholder Panel
OPEN SESSION
11:30 a.m.
Or Upon Adjournment or Recess of Open Session
Workshop, Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
b.Revision of the Global Fixed Income Delegation Resolution for Professional Staff
Joseph Dear
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for April 2013 Committee Meeting
c.Total Fund Monthly Update
Action Agenda Items
5.Committee Governance
Janine Guillot
a.Review of Investment Committee Delegation
Carol Moody
6.Organizational Systems & Controls
a.Investment Proprietary Software and Subscription Procurement
Information Agenda Items
7.Policy & Delegation
Geraldine Jimenez
Ted Eliopoulos
a.Proposed Adoption of the Public Employees’ Health Care Fund Policy
Ed Robertiello
b.Proposed Revision of the Real Assets Program Policy
c.Proposed Revision of the Absolute Return Strategies Program Policy
8.Organizational Systems & Controls
Janine Guillot
a.Investment Office Risk Heat Map and Target Operating Model Refresh
9.Program Reviews
Laurie Weir
Anne Simpson
a.Targeted Investment Programs and Diversity Initiatives Update
b.Global Governance Program Update
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session, Whichever
is Later
(Government Code sections11126(c)(16) and 11126(e) [Item
No. 6 only])
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
Réal Desrochers
4.Program Review
Tony James,
Blackstone
a.Private Equity External Manager Presentation
Réal Desrochers
5.External Manager and Significant Activity Updates
Ted Eliopoulos
a.Private Equity
Eric Baggesen
b.Real Assets
John Cole
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Eric Baggesen
f.Affiliate Investment Programs
Joseph Dear
g.Opportunistic
Action Agenda Item
6.Cesar Baez vs. CalPERS, et al., Superior Court of the State of California for the County of Los Angeles, Case No. BC498010, and potential litigation
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
April 15, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
b.Adoption of the Public Employees' Health Care Fund Policy
c.Revision of the Real Assets Program Policy
d.Revision of the Absolute Return Strategies Program Policy
e.Revision of the Real Assets Delegation Resolution for Professional Staff
f.Revision of the Affiliate Investment Programs Delegation Resolution for Professional Staff
Joseph Dear
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for May 2013 Committee Meeting
c.Total Fund Monthly Update
Action Agenda Items
5.Independent Oversight
Carol Moody
a.Board Investment Consultant RFP – Infrastructure Program
6.Legislation
Danny Brown
a.AB 761 (Dickinson) Firearm and Ammunition Manufacturer Divestment
Information Agenda Items
7.Policy & Delegation
Curtis Ishii
Eric Baggesen
Ben Meng
a.Proposed Revision of the Total Fund Benchmarks Policy to Reflect Global Fixed Income Benchmark and Inflation Assets Benchmark Changes – Initial Review
Curtis Ishii
b.Proposed Revision of the Global Fixed Income Program Policy – Initial Review
Curtis Ishii
c.Proposed Revision of the Inflation Assets Policy – Initial Review
8.Business Plan/Roadmap
Janine Guillot
a.Cost Effectiveness
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.External Manager and Significant Activity Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Eric Baggesen
John Cole
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Eric Baggesen
f.Affiliate Investment Programs
Joseph Dear
g.Opportunistic
OPEN SESSION
WORKSHOP
Room 1140
1:00 p.m. or Upon Adjournment or Recess of Closed
Session, Whichever is Later
Open Session Workshop - Discussion of Investment
Beliefs
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
May 13, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for June 2013 Committee Meeting
c.Total Fund Monthly Update
Action Agenda Items
5.Policy & Delegation
Carol Moody
a.Adoption of Delegation Resolution for the Opportunistic Program
Information Agenda Items
6.Asset Allocation, Performance & Risk
Joseph Dear,
Eric Baggesen
a.CIO Total Fund Performance and Risk Report
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting
Michael Moy,
David Glickman,
Pension Consulting
Alliance
b.Consultant Total Fund Performance and Risk Report
7.Policy & Delegation
Curtis Ishii,
Eric Baggesen,
Ben Meng
a.Proposed Revision of the Total Fund Benchmarks Policy to Reflect Global Fixed Income Benchmark and Inflation Assets Benchmark Changes – Initial Review
Curtis Ishii
b.Proposed Revision of the Global Fixed Income Program Policy – Initial Review
Curtis Ishii
c.Proposed Revision of the Inflation Assets Policy – Initial Review
8.Program Review
Dan Bienvenue,
Geraldine Jimenez
Anne Simpson
a.Supplemental Income Plans: Fund Policies and Asset Allocations
b.Global Governance Program Update
9.Business Plan/Roadmap
Joseph Dear,
Douglas Hoffner
a.2012-2017 Strategic Plan, Strategic Measures Update
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
Ted Eliopoulos,
4.Program Update
Randall Mullan,
Farhad Billimoria
a.Infrastructure Investment Opportunity
Information Agenda Items
Eric Baggesen,
5.Program Review
John Cole
Peter Rathjens,
Neil Tremblay,
Arrowstreet
a.Equity External Manager Presentation
Anne Simpson
b.Global Governance: Corporate Engagement Investment Strategy
6.External Manager and Significant Activity Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Eric Baggesen
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Eric Baggesen
f.Affiliate Investment Programs
Joseph Dear
g.Opportunistic
OPEN SESSION
WORKSHOP
Room 1140
Upon Adjournment or Recess of Closed Session, Whichever
is Later
2013 Asset Liability Management Workshop – Review
of Asset Class Roles and Introduction to Capital
Market Assumptions
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
June 17, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for August 2013 Committee Meeting
c.Total Fund Monthly Update
Action Agenda Items
5.Policy & Delegation
Curtis Ishii,
Eric Baggesen,
Ben Meng
a.Revision of the Total Fund Benchmarks Policy (Global Fixed Income & Inflation Assets)
Curtis Ishii
Curtis Ishii
b.Revision of the Global Fixed Income Program Policy
c.Revision of the Inflation Assets Policy
Laurie Weir
d.Extension of the Trial Neutrality Responsible Contractor Program Policy
Dan Bienvenue,
Geraldine Jimenez
e.Revision of the Supplemental Income Plans (SIP) Target Retirement Date and POFF Funds Policies
Eric Baggesen, Ben
6.Asset Allocation, Performance & Risk
Meng
a.Adoption of Capital Market Assumptions
Information Agenda Items
7.Program Review
Carol Moody
a.Investment Compliance Program Update
Anne Simpson
b.Global Governance Program Update
8.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
Joseph Dear
a.Approval of Meeting Minutes
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Global Governance
Anne Simpson
a.Corporate Engagement Investment Strategy
5.External Manager Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Eric Baggesen
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Joseph Dear
f.Opportunistic
OPEN SESSION
WORKSHOP
Room 1140
Upon Adjournment or Recess of Closed Session, Whichever
is Later
a. Risk-Factor-Based Asset Allocation and Future
Portfolio Considerations
Anne Simpson
Brad Barber, UC
Davis Graduate
School of
Management
Robert Jackson,
Columbia Law School
b.Sustainable Investment Research Initiative: Review of Evidence
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
August 19, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and
11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
b.Revision of the Affiliate Investment Programs Delegation for Professional Staff
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for September 2013 Committee Meeting
c.Total Fund Monthly Update
Action Agenda Items
5.Organizational Systems & Controls
Carol Moody
a.Contracts Administration: Primary Pension Consultant – Contract Extension
Carol Moody
b.Contracts Administration: Back-Up to the Primary Pension Consultant – Letter of Engagement Renewal
Carol Moody
Carol Moody
c.Contracts Administration: Inflation-Linked Asset Class Spring-Fed Pool – Term Extension
d.Contracts Administration: Infrastructure Board Investment Consultant – Letter of Engagement Renewal
Carol Moody
e.Contracts Administration: Board Investment Consultant – RFP – Private Equity Program
Information Agenda Items
Joseph Dear
6.Asset Allocation, Performance & Risk
Eric Baggesen
a.CIO Total Fund Performance and Risk Report
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting
Michael Moy, David
Glickman, Pension
Consulting Alliance
b.Consultant Total Fund Performance and Risk Report
Anne Simpson
7.Program Reviews
Ted Eliopoulos
a.Global Governance Program Update
Laurie Weir
Ben Thornley, Pacific
Community Ventures
Laurie Weir
b.CalPERS for California Report 2012
Christine Gogan
c.Emerging Manager Programs Update
8.Policy and Delegation
Dan Bienvenue
a.Proposed Adoption of Judges’ Retirement Fund Policy – Initial Review
Eric Baggesen
Michael Schlachter,
Wilshire Associates
Consulting
b.Proposed Revision of the Total Fund Benchmarks Policy – Initial Review
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(c)(16) and 11126(e)
[Item No. 5 only])
Joseph Dear
1.Call to Order and Roll Call
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Asset Allocation, Performance & Risk
Eric Baggesen
a.Global Fixed Income Benchmark and Asset Class Role
Peter Mixon
5.Potential Litigation: Derivative Action
Information Agenda Items
Anne Simpson
6.Corporate Engagement Strategy: Board Quality and Diversity
7.External Manager Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Joseph Dear
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
September 16, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
b.Contracts Administration: Private Equity Board Investment Consultant Contract Extension
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for October 2013 Committee Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Action Agenda Items
5.Policy & Delegation
Eric Baggesen
a.Revision of the Total Fund Benchmarks Policy
Joseph Dear, Eric
6.Total Fund
Baggesen
a.Adoption of CalPERS Investment Beliefs and Initial Review of Investment Beliefs Policy
Information Agenda Items
7.Total Fund
Michael Schlachter,
Andrew Junkin
Wilshire Associates
Consulting
a.CalPERS Consultant Public Fund Universe Comparison Report
8.Program Review
Curtis Ishii, Kevin
Winter
a.Global Fixed Income Programs Annual Review
Michael Schlachter,
Andrew Junkin
Wilshire Associates
Consulting
b.Consultant Review of the Global Fixed Income Programs
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Asset Allocation, Performance & Risk
Eric Baggesen
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting
a.Global Fixed Income Benchmark and Asset Class Role
Information Agenda Items
5.External Manager Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue, John
Cole
Curtis Ishii
c.Global Equity
Anne Simpson
d.Global Fixed Income Programs
Ed Robertiello
e.Global Governance
Joseph Dear
f.Absolute Return Strategies Program
g.Opportunistic
OPEN SESSION
WORKSHOP
Room 1140
1:30 p.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
Discussion of Currency Hedging Program and Other
Asset Liability Management Related Topics
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
October 14, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agendas for Upcoming Committee Meetings
1)Asset Liability Management Workshop
2)November 2013 Committee Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Action Agenda Items
5.Policy & Delegation
Joseph Dear, Eric
Baggesen, Anne
Simpson
a.Adoption of CalPERS Investment Beliefs Policy
6.Asset Allocation, Performance & Risk
Eric Baggesen
a.Adoption of Revised Capital Market Assumptions for Global Fixed Income and Low Volatility
Information Agenda Items
7.Policy & Delegation
Eric Baggesen
a.Proposed Adoption of Global Derivatives and Counterparty Risk Policy and Repeal of Legacy Policies – Initial Review
Dan Bienvenue,
Geraldine Jimenez
b.Proposed Revision of the Global Equity Program Policy – Initial Review
8.Business Plan/Roadmap
Joseph Dear, Carol
Moody
a.Investment Office Roadmap and Target Operating Model Update
9.Program Reviews
Dan Bienvenue, John
Cole
a.Global Equity Annual Program Review
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting
b.Consultant Review of the Global Equity Program
Ed Robertiello
Michael Schlachter,
c.Absolute Return Strategies Program Annual Review
Andrew Junkin,
Wilshire Associates
Consulting
d.Consultant Review of the Absolute Return Strategies Program
Andrew Junkin,
Wilshire Associates
Consulting
e.Consultant Review of Focus List Program Performance
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e) [Item
No. 5 only])
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Environmental, Social, and Governance
Anne Simpson
a.Global Governance Program Corporate Engagement Strategy – 2013 Focus List
Gina Ratto
5.Potential Litigation: Derivative Action
Information Agenda Items
6.Program Review
Ed Robertiello
Steve Drobny, Drobny
Global Asset
Management L.P.
a.Absolute Return Strategies Management Presentation
7.External Manager Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Anne Simpson
e.Global Governance
Ed Robertiello
f.Absolute Return Strategies Program
Joseph Dear
g.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
November 18, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
b.Contracts Administration: Board Investment Consultant Special Projects Request
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the December 2013 Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Action Agenda Items
5.Policy & Delegation
Dan Bienvenue,
Geraldine Jimenez
a.Revision of the Global Equity Program Policy
Eric Baggesen
b.Adoption of Global Derivatives and Counterparty Risk Policy and Repeal of Legacy Policies
Réal Desrochers
c.Revision of the Private Equity Delegation Resolution for Professional Staff
6.Total Fund
Anne Simpson
a.California Public Divest from Iran Act
7.Organizational Systems & Controls
Carol Moody
a.Contracts Administration: Extension of Existing Investment Manager Agreements
Information Agenda Items
8.Asset Allocation, Performance & Risk
Joseph Dear, Eric
Baggesen
a.CIO Total Fund Performance and Risk Report
Michael Schlachter,
Andrew Junkin
Wilshire Associates
Consulting
Michael Moy, David
Glickman Pension
Consulting Alliance
b.Consultant Total Fund Performance and Risk Report
9.Program Reviews
Anne Simpson
a.Global Governance Program Update
Ted Eliopoulos
David Glickman,
b.Real Estate Program Annual Review
Christy Fields, Dillon
Lorda, Pension
Consulting Alliance
c.Consultant Review of the Real Estate Program
Ted Eliopoulos
Randall Mullan
d.Infrastructure and Forestland Programs Annual Review
David Altshuler,
Meketa Investment
Group Inc.
Andrew Junkin,
Wilshire Associates
Consulting
e.Consultant Reviews of the Infrastructure and Forestland Programs
10.Policy & Delegation
Ted Eliopoulos
Randall Mullan
a.Proposed Revision of the Real Assets Program Policy – Initial Review
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Joseph Dear
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
4.External Manager Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Anne Simpson
e.Global Governance
Ed Robertiello
f.Absolute Return Strategies Program
Joseph Dear
g.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
December 16, 2013
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Joseph Dear
2.Executive Report – Chief Investment Officer Briefing
Joseph Dear
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Joseph Dear
b.Report to the California Legislature – Iran and Sudan Divestment
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the February 2014 Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Action Agenda Items
5.Policy & Delegation
Ted Eliopoulos,
Randall Mullan
a.Revision of the Real Assets Program Policy
Information Agenda Items
6.Program Reviews
Réal Desrochers
a.Private Equity Program Annual Review
Michael Moy,
Pension Consulting
Alliance
b.Consultant Review of the Private Equity Program
Laurie Weir
c.Targeted Investment Programs and Diversity Initiatives Update
Laurie Weir
d.Responsible Contractor Program Policy Annual Report
7.Policy & Delegation
Curtis Ishii
a.Proposed Repeal of the Barclays Aggregate Program Policy – Initial Review
8.Asset Allocation, Performance & Risk
Eric Baggesen, Ben
Meng, Cheryl Eason
a.Comparison of CalPERS Liquidity Options
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e)
[Item 4 only])
Joseph Dear
1.Call to Order and Roll Call
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Joseph Dear
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
Gina Ratto
4.Litigation
a.Litigation: Baez v. CalPERS; Centinela v. CalPERS and Potential Litigation
Information Agenda Items
5.Program Update
Ted Eliopoulos
a.Real Estate Investment Opportunity
Réal Desrochers
6.External Manager Updates
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Anne Simpson
f.Global Governance
Joseph Dear
g.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
February 18, 2014
9:00 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
Julie Chapman
Priya Mathur
John Chiang
Bill Slaton
Richard Costigan
Vacant, Governor Appointee, Insurance Industry Representative
Rob Feckner

MEETING AGENDA

CLOSED SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Board of
Administration Closed Session, Whichever is Later
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ed Robertiello
e.Absolute Return Strategies Program
Anne Simpson
f.Global Governance
Ted Eliopoulos
g.Opportunistic
OPEN SESSION
9:45 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
2.Election of the Chair and Vice-Chair
Ted Eliopoulos
3.Executive Report – Acting Chief Investment Officer Briefing
Ted Eliopoulos
4.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
b.Annual Report to the California Legislature – Holocaust Era and Northern Ireland
Ted Eliopoulos
5.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for March 2014 Committee Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Action Agenda Items
6.Total Fund
Laurie Weir
a.Annual Report to California Legislature – CalPERS Emerging Manager Five-Year Plan
7.Policy & Delegation
Ted Eliopoulos
a.Revision of the Real Assets Delegation Resolution for Professional Staff
Curtis Ishii
b.Revision of the Global Fixed Income Delegation Resolution for Professional Staff
8.Organizational Systems and Controls
Carol Moody
a.Contracts Administration: Private Equity Board Consultant Request for Proposal
Carol Moody
b.Contracts Administration: General Pension Spring-Fed Pool – Term Extension
Information Agenda Items
9.Asset Allocation, Performance and Risk
Michael Schlachter,
Wilshire Associates
Michael Moy, David
Glickman, Pension
Consulting Alliance
Inc.
a.Consultant Total Fund Performance and Risk Report
Ted Eliopoulos, Eric
Baggesen
b.Acting CIO Total Fund Performance and Risk Report
10.Program Review
Anne Simpson
a.Global Governance Program Update
Action Agenda Items
11.Total Fund
Eric Baggesen, Cheryl
Eason, Alan Milligan
a.Strategic Asset Allocation Alternatives
12.Public Comment
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
March 17, 2014
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
John Chiang
Priya Mathur
Richard Costigan
Bill Slaton
Rob Feckner
Vacant, Governor Appointee, Insurance Industry Representative
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board of Administration
Closed Session, Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and
11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Rob Feckner
2.Tribute to Joseph A. Dear
Ted Eliopoulos
3.Executive Report – Interim Chief Investment Officer Briefing
Ted Eliopoulos
4.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Ted Eliopoulos
5.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the April 2014 Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Action Agenda Items
6.Administration
Kami Niebank
a.Review of the Investment Committee Delegation
7.Organizational Systems and Controls
Kami Niebank
a.Contracts Administration: Infrastructure Board Consultant Request for Proposal
Information Agenda Items
8.Program Reviews
Laurie Weir
a.Targeted Investment Programs and Diversity Initiatives Update
Laurie Weir
Ron Peyton, Anna
West, Callan
Associates
b.Emerging Manager Five-Year Plan – Peer Benchmarking Survey
Laurie Weir
Judy Chambers,
Pension Consulting
Alliance (PCA)
c.Emerging Manager Five-Year Plan – Proposal Tracking and Communication Initiative
Laurie Weir, Réal
Desrochers
Anita Ng, Cambridge
Associates
Mike Moy, PCA
d.Emerging Manager Five-Year Plan – Private Equity Emerging Manager Program Review
9.Asset Allocation, Performance & Risk
Eric Baggesen
a.Strategic Asset Allocation Implementation
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
Eric Baggesen
4.Asset Allocation, Performance & Risk
a.Strategic Asset Allocation Implementation
5.Program Reviews
Randall Mullan
a.Infrastructure External Manager Presentation
Réal Desrochers
6.External Manager Updates
Ted Eliopoulos
a.Private Equity
Dan Bienvenue
b.Real Assets
Curtis Ishii
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Anne Simpson
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Global Governance
g.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
April 14, 2014
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
John Chiang
Priya Mathur
Richard Costigan
Bill Slaton
Rob Feckner
Vacant, Governor Appointee, Insurance Industry Representative
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Eric Baggesen
2.Executive Report – Interim Chief Investment Officer Briefing
Eric Baggesen
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Eric Baggesen
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the May 2014 Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Information Agenda Items
Eric Baggesen
5.Asset Allocation, Performance & Risk
a.Strategic Asset Allocation Targets and Proposed Policy Revision
6.Business Plan/Roadmap
Wylie Tollette
a.Investment Office Cost Effectiveness
7.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e))
Eric Baggesen
1.Call to Order and Roll Call
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Eric Baggesen
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
4.Program Reviews
Anne Simpson
a.Global Governance Program: Corporate Engagement Investment Strategy
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Tom McDonagh
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Curtis Ishii
e.Absolute Return Strategies Program
Anne Simpson
f.Global Governance
Eric Baggesen
g.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
California Public Employees’ Retirement System
May 19, 2014
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
George Diehr, Vice Chair
Ron Lind
Michael Bilbrey
Bill Lockyer
John Chiang
Priya Mathur
Richard Costigan
Bill Slaton
Rob Feckner
Vacant, Governor Appointee, Insurance Industry Representative
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Interim Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the June 2014 Meeting
c.Total Fund Monthly Update – Performance and Risk
d.Total Fund Monthly Update – Investment Compliance
Action Agenda Items
5.Policy & Delegations
Eric Baggesen
a.Revision of the Asset Allocation Strategy Policy
6.Total Fund
Anne Simpson
a.Amendments to the Global Principles of Accountable Corporate Governance
Information Agenda Items
7.Program Reviews
Anne Simpson
a.Global Governance Program Review
8.Policy & Delegation
Gina Ratto
a.Proposed Revision of the Statement of Investment Policy for Insider Trading – Initial Review
9.Business Plan/Road Map
Ted Eliopoulos, Wylie
Tollette
a.Investment Office Roadmap and Target Operating Model Update
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Program Reviews
Anne Simpson
a.Global Governance: Corporate Engagement Investment Strategy
5.Asset Allocation, Performance & Risk
Eric Baggesen
a.Strategic Asset Allocation – Transition Update
6.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Tom McDonagh
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Curtis Ishii
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
June 16, 2014
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Bill Lockyer
Richard Costigan
Priya Mathur
Rob Feckner
Bill Slaton
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Interim Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the August 2014 Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Terminated Agency Pool Rebalance Update
Action Agenda Items
5.Independent Oversight
Wylie Tollette
a.Contracts Administration: General Pension Board Consultant Services Request for Proposal
Information Agenda Items
6.Policy & Delegations
Réal
Desrochers
a.Proposed Revision of the Private Equity Delegation for Professional Staff – Initial Review
7.Program Reviews
Wylie Tollette, Brian
McQuade
a.Investment Compliance Program Annual Review
Laurie Weir
b.Targeted Investment Programs Update
Laurie Weir
Ron Peyton, Callan
Associates
c.Investment Office Diversity and Inclusion Initiatives
Ted Eliopoulos
Laurie Weir
Ben Thornley, Pacific
Community Ventures
d.CalPERS for California Report 2013
8.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
4.Program Reviews
Anne Simpson
a.Global Governance: Corporate Engagement Investment Strategy
Réal Desrochers
5.External Manager and Investment Decision Updates
Tom McDonagh
a.Private Equity
Dan Bienvenue
b.Real Assets
Curtis Ishii
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Absolute Return Strategies Program
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
August 18, 2014
10:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Bill Lockyer
Richard Costigan
Priya Mathur
Rob Feckner
Bill Slaton
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Interim Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the September 2014 Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Independent Oversight
Wylie Tollette
a.Contracts Administration: Infrastructure Board Investment Consultant – Selection of Finalists for Interview
6.Policy & Delegation
Carol Moody
a.Proposed Regulation Relating to the External Investment Resource Conflict of Interest Policy
Information Agenda Items
7.Asset Allocation, Performance & Risk
Ted Eliopoulos
a.CalPERS Trust Level Review
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
Michael Moy, David
Glickman, Pension
Consulting Alliance
Inc.
b.CalPERS Trust Level Review – Consultant Report
Eric Baggesen,
Alan Milligan
c.Proposed Revision of Affiliate Funds Asset Allocations
Eric Baggesen,
8.Total Fund
Anne Simpson
a.Investment Beliefs Activities Update
Anne Simpson,
9.Program Review
James Andrus
a.Global Governance Program Update and Financial Markets Overview
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Program Review
Réal Desrochers
a.Private Equity Investment Opportunities
Information Agenda Items
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Tom McDonagh
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Curtis Ishii
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
September 15, 2014
9:30 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Bill Lockyer
Richard Costigan
Priya Mathur
Rob Feckner
Bill Slaton
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Interim Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the October 2014 Meeting
c.Monthly Update – Performance and Risk
Action Agenda Items
5.Independent Oversight
Wylie Tollette
a.Contracts Administration: Private Equity Investment Board Consultant – Selection of Finalists for Interview
6.Asset Allocation, Performance & Risk
Eric Baggesen
David Lamoureux
a.Affiliate Funds Strategic Asset Allocation Targets, Recommendations
Information Agenda Items
Anne Simpson
7.Program Reviews
James Andrus
Beth Richtman
Dan Bienvenue
a.Global Governance Program Update and Financial Markets Overview
b.Global Equity Annual Program Review
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
c.Consultant Review of Global Equity Program
8.Policy & Delegation
Dan Bienvenue
a.Proposed Revision of Global Equity Policy and Incorporation of the Corporate Governance Program and Developmental Investment Fund Policies – Initial Review
Eric Baggesen
b.Affiliate Funds Strategic Asset Allocation Proposed Policy Modifications – Initial Review
9.Total Fund
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
a.CalPERS Consultant Public Fund Universe Comparison Report
Wylie Tollette
Carol Moody
b.Monthly Update – Investment Compliance
Action Agenda Items
Wylie Tollette
10.Independent Oversight
a.Contracts Administration: Infrastructure Board Investment Consultant Interviews and Intent to Award
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Tom McDonagh
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Curtis Ishii
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
October 13, 2014
8:30 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Bill Lockyer
Richard Costigan
Priya Mathur
Rob Feckner
Bill Slaton
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
8:30 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the November 2014 Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Independent Oversight
Wylie Tollette
a.Contracts Administration: Private Equity Investment Board Consultant Interviews and Intent to Award
6.Policy & Delegation
Eric Baggesen
a.Revision of Affiliate Funds Policies
Dan Bienvenue
b.Revision of the Global Equity Policy and Incorporation of Corporate Governance Program and Developmental Investment Fund Policies
Dan Bienvenue
Carol Moody
c.Revision of the Global Equity Delegation Resolution for Professional Staff
7.Organizational System & Controls
Wylie Tollette
Carol Moody
a.Contracts Administration: Extension of Existing Investment Manager Agreements
Wylie Tollette
Carol Moody
b.Contracts Administration: Extension of Current Master Custodian Agreement
Information Agenda Items
8.Program Reviews
Curtis Ishii
Kevin Winter
a.Global Fixed Income Programs Annual Review
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
b.Consultant Review of Global Fixed Income Programs
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
c.Consultant Review of Focus List Program Performance
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e))
Ted Eliopoulos
1.Call to Order and Roll Call
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Dan Bienvenue
Anne Simpson
a.Global Governance Program Corporate Engagement Strategy – 2014 Focus List Program
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Tom McDonagh
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Curtis Ishii
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
November 17, 2014
9:30 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Bill Lockyer
Richard Costigan
Priya Mathur
Rob Feckner
Bill Slaton
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the December 2014 Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Independent Oversight
Wylie Tollette
a.Contracts Administration: General Pension Investment Board Consulting Services – Selection of Finalists for Interview
6.Total Fund
Anne Simpson
a.California Public Divest from Iran Act
Laurie Weir
b.Annual Report to the California Legislature – CalPERS Emerging Manager Five-Year Plan
Information Agenda Items
7.Policy & Delegation
Wylie Tollette
Carol Moody
a.Investment Policy Revision Project Update
8.Program Reviews
Anne Simpson
a.Global Governance Program Update
Tom McDonagh
b.Real Assets Annual Program Review
David Glickman,
Christy Fields, Dillon
Lorda, Pension
Consulting Alliance
Stephen McCourt,
Meketa Investment
Group
Andrew Junkin,
Wilshire Associates
Consulting
c.Consultant Review of the Real Assets Program
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Total Fund
Anne Simpson
a.California Public Divest from Iran Act
Anne Simpson
Dan Bienvenue
b.Global Governance Program Corporate Engagement Strategy – 2014 Focus List Program
Information Agenda Items
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Tom McDonagh
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Dan Bienvenue
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Ted Eliopoulos
6.Personnel, Employment and Performance – Chief Investment Officer
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
December 15, 2014
9:30 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
George Diehr, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Bill Lockyer
Richard Costigan
Priya Mathur
Rob Feckner
Bill Slaton
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the Meeting Minutes
b.Report to the California Legislature – Iran and Sudan Divestment
c.Real Estate Board Investment Consultant – Special Project Request
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the February 2015 Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Total Fund
Danny Brown
a.State Legislative Proposal: Elimination or Modification of Investment Reports to the Legislature; and Clarification of Procurement Requirements
Information Agenda Items
6.Asset Allocation, Performance & Risk
Eric Baggesen
Jim Quinn
a.Benchmarks Review
Eric Baggesen
Cheryl Eason
Alan Milligan
b.Terminated Agency Pool Program Update
7.Policy & Delegation
Carol Moody
a.Overview of Investment Office Delegation Resolutions for Professional Staff
8.Business Plan/Road Map
Wylie Tollette
a.Investment Office Roadmap Update
Ted Eliopoulos
9.Program Reviews
Laurie Weir
a.Responsible Contractor Program Annual Report
Ted Eliopoulos
Laurie Weir
b.Responsible Contractor Program Policy Review Update
Réal Desrochers
c.Private Equity Annual Program Review
Michael Moy,
Pension Consulting
Alliance
d.Consultant Review of the Private Equity Program
Action Agenda Items
10.Independent Oversight
Wylie Tollette
a.Contracts Administration: General Pension Investment Board Consultant Interviews and Intent to Award
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Tom McDonagh
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Dan Bienvenue
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
February 17, 2015
10:00 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Bill Slaton
Rob Feckner
Theresa Taylor
Richard Gillihan
Betty Yee
Dana Hollinger

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
2.Election of Investment Committee Chair and Vice Chair
Ted Eliopoulos
3.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
4.Consent Items
Action Consent Items:
a.Approval of the December 15, 2014 Investment Committee Meeting Minutes
b.Report to the California Legislature – Holocaust Era and Northern Ireland
Ted Eliopoulos
5.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for March 2015 Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
Danny Brown
6.Total Fund
Wylie Tollette
a.Investment Legislative and Policy Engagement Guidelines
Information Agenda Items
Andrew Junkin, Julia
7.Asset Allocation, Performance & Risk
Bonafede, Wilshire
Associates
Michael Moy, David
Glickman, Pension
Consulting Alliance
Inc.
a.CalPERS Trust Level Review – Consultant Report
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
b.CalPERS Trust Level Review
Wylie Tollette
8.Policy & Delegation
a.Proposed Consolidation of Total Fund Investment Policy and Repeal of Legacy Policies – Initial Review
Anne Simpson
Wylie Tollette
b.Proposed Establishment of the Statement of Investment Policy for Global Governance and Integration of Existing Policies – Initial Review
Anne Simpson
9.Program Review
a.Global Governance Program Update
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16) and 11126(e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of December 15, 2014 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Dan Bienvenue
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
March 16, 2015
10:00 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and (c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the February 17, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the April 13, 2015 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
Ted Eliopoulos
5.Committee Governance
Wylie Tollette
a.Review of the Investment Committee Delegation
Wylie Tollette
6.Policy & Delegation
a.Adoption of Total Fund Investment Policy and Repeal of Legacy Policies
Wylie Tollette
Anne Simpson
b.Adoption of the Global Governance Policy and Integration of Legacy Policies
Ted Eliopoulos
Wylie Tollette
Laurie Weir
c.Revision of the Responsible Contractor Program Policy and Integration of the Legacy Policy
Danny Brown
Wylie Tollette
d.Legislative and Policy Engagement Guidelines for Investments
Information Agenda Items
7.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the February 17, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Anne Simpson
a.Global Governance: Corporate Engagement Investment Strategy
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Ted Eliopoulos
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Dan Bienvenue
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Opportunistic
Ted Eliopoulos
6.Personnel, Employment and Performance – Chief Investment Officer
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
April 13, 2015
10:00 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and (c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
10:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the March 16, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the May 18, 2015 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
Ted Eliopoulos
5.Total Fund
Wylie Tollette
a.Establish Ad Hoc Global Governance Subcommittee
Danny Brown
b.Senate Bill 185 (de León) – Public Divestiture of Thermal Coal Companies Act
Information Agenda Items
Eric Baggesen
6.Asset Allocation, Performance & Risk
Jim Quinn
a.Strategic Asset Allocation Interim Targets Review
7.Business Plan
Wylie Tollette
a.Investment Office Cost Effectiveness
Danny Brown
8.Total Fund
Anne Simpson
Daniel Crowley, K&L
Gates
a.Federal Representative Update
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the March 16, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Anne Simpson
a.Global Governance: Corporate Engagement Investment Strategy
Eric Baggesen
John Cole
b.CalPERS Investment Strategy: Portfolio Priorities
5.Program Review
Laurie Weir
a.External Emerging Manager Real Estate Presentation
6.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Dan Bienvenue
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Total Fund
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
May 18, 2015
9:30 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and (c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the April 13, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the June 15, 2015 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Information Agenda Items
Ted Eliopoulos
5.Total Fund
Wylie Tollette
Eric Baggesen
Roger Urwin, Towers
Watson
a.CalPERS Investment Beliefs Implementation Review
6.Business Plan/Roadmap
Ted Eliopoulos
Wylie Tollette
a.Investment Office Roadmap Update
7.Asset Allocation, Performance & Risk
Eric Baggesen
Eric Baggesen
a.Long-Term Care Fund Asset Allocation Review and Proposed Policy Revisions
b.Proposed Revision to Liquidity Asset Class Target, Range and Benchmark
Anne Simpson
8.Program Review
Dan Bienvenue
Curtis Ishii
Réal Desrochers
Paul Mouchakkaa
Beth Richtman
Andrew Junkin,
Julia Bonafedes,
Wilshire Associates
a.Global Governance Program and Environmental, Social, and Governance Manager Expectations Update
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the April 13, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Anne Simpson
a.Global Governance: Corporate Engagement Investment Strategy
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Dan Bienvenue
e.Absolute Return Strategies Program
Ted Eliopoulos
f.Total Fund
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
June 15, 2015
9:30 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and (c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the May 18, 2015, Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the August 17, 2015, Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Henry Jones
Bill Slaton
5.Global Governance Policy Ad Hoc Subcommittee Report
Action Agenda Items
Eric Baggesen
6.Policy & Delegation
a.Revision of the Total Fund Investment Policy Regarding the Liquidity Asset Class
Eric Baggesen
b.Long-Term Care Fund Asset Allocation Review and Proposed Policy Revisions
7.Independent Oversight
Laurie Weir
a.Request for Approval of Contract for Responsible Contractor Policy Consultant
Information Agenda Items
8.Program Reviews
Ted Eliopoulos
Laurie Weir
a.Targeted Investment Programs and Manager Restructure Update
Laurie Weir
b.CalPERS for California Report 2014
Wylie Tollette
Brian McQuade
c.Investment Compliance Program Review
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
Ted Eliopoulos
a.Approval of the May 18, 2015, Investment Committee Meeting Minutes
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Anne Simpson
a.Global Governance: Corporate Engagement Investment Strategy
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Dan Bienvenue
e.Absolute Return Strategies Program
f.Total Fund
Ted Eliopoulos
1)Performance of Environmental Strategies
Ted Eliopoulos
2)Update on Coal Investment Policy
Ted Eliopoulos
6.Chief Investment Officer – Personnel, Employment and Performance
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
August 17, 2015
9:00 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and (c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the June 15, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the September 15, 2015 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Performance of Environmental Strategies
Bill Slaton
5.Global Governance Policy Ad Hoc Subcommittee Report
Information Agenda Items
6.Asset Allocation, Performance & Risk
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
John Rothfield
a.CalPERS Trust Level Review
Andrew Junkin, Julia
Bonafede, Wilshire
Associates Consulting
Michael Moy, Andrew
Bratt, Pension
Consulting Alliance
Inc.
Tom Keck, StepStone
b.CalPERS Trust Level Review – Consultant Report
7.Policy & Delegation
Wylie Tollette
Kit Crocker
a.Project Updates Regarding Investment Policy Revisions
Ann Boynton
8.Legislation
Daniel Crowley, K&L
Gates
Scot Blackledge
a.Federal Investment Policy Representative Update
b.Senate Bill 588 (de León) – Wage Theft Recovery
9.Program Review
Réal Desrochers
a.Private Equity Cash Flow Distribution Examples
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16),
and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the June 15, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Asset Allocation, Performance & Risk
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
a.CalPERS Trust Level Review
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
September 15, 2015
8:45 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and (c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the August 17, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the October 19, 2015 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Action Agenda Items
Wylie Tollette
5.Independent Oversight
a.Contracts Administration: Real Estate Board Investment Consultant RFP Initiation
Information Agenda Items
6.Total Fund
Ted Eliopoulos
Wylie Tollette
Anne Simpson
a.Investment Beliefs Implementation Findings
Andrew Junkin,
Julia Bonafede
Wilshire Associates
Consulting
b.CalPERS Consultant Public Fund Universe Comparison Report
7.Program Reviews
Anne Simpson
Dan Bienvenue
Craig Rhines
a.Corporate Engagement: Enhanced Focus List Strategy
Dan Bienvenue
Andrew Junkin,
b.Global Equity Annual Program Review
Julia Bonafede
Wilshire Associates
Consulting
c.Consultant Review of Global Equity Program
8.Policy & Delegation
Dan Bienvenue
Wylie Tollette
a.Proposed Revision of Global Equity Policies – Initial Review
9.Strategic Plan
Ted Eliopoulos
Wylie Tollette
a.Investment Strategic Measures
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16)
and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the August 17, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Anne Simpson
Dan Bienvenue
Craig Rhines
a.Corporate Engagement: Focus List Strategy
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
6.Personnel, Employment and Performance – Chief Investment Officer
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
October 19, 2015
9:00 a.m.
or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is
Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the September 15, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for November 16, 2015 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Bill Slaton
5.Global Governance Policy Ad Hoc Subcommittee Report
Action Agenda Items
6.Policy and Delegation
Wylie Tollette
Dan Bienvenue
a.Revision of Global Equity Policies
Information Agenda Items
7.Asset Allocation, Performance & Risk
Ted Eliopoulos
Eric Baggesen
Andrew Junkin,
Julia Bonafede
Wilshire Associates
Consulting
a.Review of CalPERS Divestments
Ted Eliopoulos
Eric Baggesen
b.Information on Public Market Investments in Coal Producers
8.Total Fund
Ted Eliopoulos
Wylie Tollette
Cheryl Eason
a.Enterprise Risk Report - Investments
9.Program Reviews
Curtis Ishii
Kevin Winter
a.Fixed Income Programs Annual Review
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
b.Consultant Review of Fixed Income Programs
10.Policy & Delegation
Wylie Tollette
Curtis Ishii
Kit Crocker
a.Proposed Revision of Fixed Income Programs Policies – Initial Review
Ted Eliopoulos
Wylie Tollette
11.Summary of Committee Direction
12.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code section 11126(c)(16))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the September 15, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Ted Eliopoulos
Wylie Tollette
Andrew Junkin,
Julia Bonafede
Wilshire Associates
Consulting
a.Annual Review of CalPERS Divestments
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
November 16, 2015
8:15 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

CLOSED SESSION
8:15 a.m.
Or Upon Adjournment or Recess of Board Closed Session,
Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel
Issues
(Government Code sections 11126(a)(1) and (c)(16))
Investment Committee Closed Session with Consultants –
Investment Strategies
(Government Code section 11126(c)(16))
OPEN SESSION
8:30 a.m.
Or Upon Adjournment or Recess of Closed Session,
Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
3.Consent Items
Action Consent Items:
a.Approval of the October 19, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the December 14, 2015 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Bill Slaton
5.Global Governance Policy Ad Hoc Subcommittee Report
Action Agenda Items
6.Policy and Delegation
Wylie Tollette
Curtis Ishii
Kit Crocker
a.Revision of Fixed Income Policies – Second Reading
Wylie Tollette
Dan Bienvenue
Kit Crocker
b.Revision of Global Equity Policies – Third Reading
Anne Simpson
7.Total Fund
Anne Simpson
a.California Public Divest from Iran Act
James Andrus
Wylie Tollette
b.Proposed Update to the Legislative and Policy Engagement Guidelines: Disclosure of Charitable and Political Contributions
Matt Jacobs
c.Contract Administration: General Pension Board Investment Consultant – Key Person Change
Information Agenda Items
Doug McKeever
8.Legislation
Daniel Crowley
K&L Gates
a.Federal Investment Policy Representative Update
OPEN SESSION
WORKSHOP
Private Equity Workshop (see separate agenda, attached)
Réal Desrochers
9.Program Reviews
a.Private Equity Annual Program Review
Michael Moy,
Pension Consulting
Alliance
b.Consultant Review of Private Equity Program
10.Policy & Delegation
Wylie Tollette
Réal Desrochers
Kit Croker
a.Proposed Revision of Private Equity Program Policies – First Reading
11.Total Fund
Anne Simpson
Divya Mankikar
a.Report on Global Equity Portfolio Carbon Footprint – Montreal Pledge
Ted Eliopoulos
12.Summary of Committee Direction
13.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the October 19, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Total Fund
Ted Eliopoulos
Anne Simpson
a.California Public Divest from Iran Act
Information Agenda Items
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
6.Personnel, Employment and Performance – Chief Investment Officer
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
December 14, 2015
9:00 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Board of
Administration Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the November 16, 2015 Investment Committee Meeting Minutes
b.Report to the California Legislature – Iran and Sudan
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the February 16, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Bill Slaton
5.Global Governance Policy Ad Hoc Subcommittee Report
Action Agenda Items
6.Total Fund
Laurie Weir
a.Annual Report to the California Legislature – CalPERS Emerging Manager Five-Year Plan
7.Policy & Delegation
Wylie Tollette
Réal Desrochers
Kit Crocker
a.Revision of Private Equity Program Policy – Second Reading
Information Agenda Items
Ted Eliopoulos
8.Business Plan/ Roadmap
Wylie Tollette
a.Investment Office Roadmap Update
Paul Mouchakkaa
9.Program Reviews
David Glickman,
Christy Fields,
a.Real Assets Annual Program Review
Dillon Lorda,
Pension Consulting
Alliance
Andrew Junkin,
Wilshire Associates
Consulting
David Altshuler,
StepStone Group,
LLC
Laurie Weir
b.Consultant Review of the Real Assets Program
c.Responsible Contractor Policy Program Annual Update
10.Policy & Delegation
Wylie Tollette
Paul Mouchakkaa
Kit Crocker
Ted Eliopoulos
a.Proposed Revision to the Real Assets Policy – First Reading
11.Summary of Committee Direction
12.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session
(Government Code sections 11126(a)(1), (c)(16) and (e))
Ted Eliopoulos
1.Call to Order and Roll Call
2.Consent Items
Action Consent Items:
a.Approval of the November 16, 2015 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Program Review
Paul Mouchakkaa
a.Real Assets Investment Opportunity
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
California Public Employees’ Retirement System
February 16, 2016
9:00 a.m.
Or Upon Adjournment or Recess of the
Board of Administration Closed Session,
Whichever is Later
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA

COMMITTEE MEMBERS

Henry Jones, Chair
Dana Hollinger
Bill Slaton, Vice Chair
JJ Jelincic
Michael Bilbrey
Ron Lind
John Chiang
Priya Mathur
Richard Costigan
Theresa Taylor
Rob Feckner
Betty Yee
Richard Gillihan

MEETING AGENDA

OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
2.Election of the Investment Committee Chair and Vice Chair
Ted Eliopoulos
3.Executive Report – Chief Investment Officer Briefing
4.Consent Items
Action Consent Items:
Ted Eliopoulos
a.Approval of the December 14, 2015 Investment Committee Meeting Minutes
b.Report to the California Legislature – Holocaust Era and Northern Ireland
5.Consent Items
Information Consent Items:
Ted Eliopoulos
a.Annual Calendar Review
b.Draft Agenda for the March 14, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Bill Slaton
6.a.Global Governance Policy Ad Hoc Subcommittee Report
Ted Eliopoulos
b.Revision of the Global Governance Principles – First Reading
Action Agenda Items
7.Policy & Delegation
Wylie Tollette
Kit Crocker
Paul Mouchakkaa
a.Revision of Investment Policy for Real Assets – Second Reading
Information Agenda Items
8.Asset Allocation, Performance & Risk
Andrew Junkin,
Wilshire Associates
Consulting
Michael Moy,
Andrew Bratt,
Christy Fields,
Pension Consulting
Alliance
David Altshuler,
StepStone Group LLC
a.CalPERS Trust Level Review – Consultant Report
Ted Eliopoulos
Eric Baggesen
b.CalPERS Trust Level Review
Paul Zhang
c.Asset Allocation Target Revisions for Funding Risk Mitigation Events
Eric Baggesen
d.Update on Borrowed Liquidity Approach
9.Policy & Delegation
Wylie Tollette
a.Revision of Total Fund Investment Policy, including Divestment and Repeal of Legacy Policies – First Reading
Wylie Tollette
Kit Crocker
b.Revision of Affiliate Fund Policy and Repeal of Legacy Policy – First Reading
10.Program Review
Anne Simpson
a.Review of 2015 Proxy Voting Results and 2016 Voting Plan
Ted Eliopoulos
11.Summary of Committee Direction
12.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the December 14, 2015 Investment Committee Meeting Minutes
3.Consent Items
Information Consent Items:
Ted Eliopoulos
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Asset Allocation, Performance & Risk
Ted Eliopoulos
a.CalPERS Trust Level Review
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
March 14, 2016
9:00 a.m.
Or Upon Adjournment or Recess of the Board
of Administration Closed Session, Whichever is
Later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

OPEN SESSION
9:00 am
Or Upon Adjournment or Recess of Board of Administration Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the February 16, 2016 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the April 18, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Policy & Delegation
Ted Eliopoulos
Anne Simpson
a.Revision of the Global Governance Principles – Second Reading
Wylie Tollette
Kit Crocker
b.Review of the Investment Committee Delegation
Wylie Tollette
Kit Crocker
c.Revision of Affiliate Fund Policies and Repeal of Legacy Policies – Second Reading
Information Agenda Items
6.Policy & Delegation
Wylie Tollette
Kit Crocker
a.Revision of Total Fund Investment Policy, including Divestment and Repeal of Legacy Policies – Second Reading
7.Program Review
Jean Rogers,
Janine Guillot,
Sustainability Accounting
Standards Board
a.Sustainability Accounting Standards Report (SASB) Climate Change Report
Anne Simpson
Dan Bienvenue
b.Global Governance Strategic Review: Climate Change Focus
8.Legislation
Doug McKeever
Daniel Crowley, K&L Gates
a.Federal Investment Policy Representative Update
Ted Eliopoulos
9.Summary of Committee Direction
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the February 16, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Ted Eliopoulos
5.Chief Investment Officer – Personnel, Employment and Performance
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
April 18, 2016
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and (c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
a.Monthly Update – Performance and Risk
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the March 14, 2016 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the May 16, 2016 Investment Committee Meeting
c.Monthly Update – Investment Compliance
d.Federal Investment Policy Representative Update
e.Terminated Agency Pool Rebalance
Action Agenda Items
5.Independent Oversight
Wylie Tollette
Kit Crocker
a.Contracts Administration: Real Estate Board Investment Consultant – Selection of Finalists for Interview
6.Asset Allocation, Performance & Risk
Eric Baggesen
Dianne Sandoval
a.Health Care Fund Asset Allocation Review
7.Program Reviews
Paul Mouchakkaa
Andrew Junkin, Wilshire
Associates Consulting
Christy Fields,
David Glickman,
Pension Consulting Alliance
David Altshuler,
StepStone Group LLC
a.Real Assets Strategic Plan
8.Policy & Delegation
Wylie Tollette
Kit Crocker
a.Revision of Total Fund Investment Policy, and Repeal of Legacy Policies – Third Reading
Information Agenda Items
9.Policy & Delegation
Ted Eliopoulos
Wylie Tollette
a.Divestment Review – Proposed Timetable
10.Program Reviews
Julia Dawson,
Credit Suisse
Dr. Akosua Barthwell Evans,
The Barthwell Group
a.Diversity & Inclusion: Evidence on Corporate Performance
Anne Simpson
b.Global Governance Strategic Review: Human Capital Focus
Ted Eliopoulos
11.Summary of Committee Direction
12.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the March 14, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Program Review
Anne Simpson
a.Global Governance: Corporate Engagement Strategy
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Location
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
May 16, 2016
8:45 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later (Government Code sections 11126(a)(1), 11126(c)(16) and (e))
Matthew Jacobs
1.Chief Investment Officer's Briefing on Market and Personnel Issues
2.Pending Litigation – Investment Matter
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the April 18, 2016 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the June 13, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Action Agenda Items
5.Legislation
Mary Anne Ashley
a.Assembly Bill 2833 (Cooley) Public Retirement Alternative Investments Disclosure
Mary Anne Ashley
b.House Resolution 4718 (Maloney-NY): Gender Diversity Advisory Group
Information Agenda Items
6.Policy & Delegation
Ted Eliopoulos
Matt Jacobs
a.Divestment Review – Proposed Timetable
7.Business Plan
Wylie Tollette
a.Investment Office Roadmap and Target Operating Model Update
Wylie Tollette
b.Investment Office Cost Effectiveness
Jody Macintosh,
CEM Benchmarking, Inc.
c.CEM Benchmarking, Inc. Report on Investment Costs
8.Program Review
Anne Simpson
Dan Bienvenue
a.Global Governance Strategic Review: Alignment of Interests
Anne Simpson
b.Proxy Voting Quarterly Update
Action Agenda Items
TIME CERTAIN 3:30 P.M.
9.Independent Oversight
Wylie Tollette
Kit Crocker
a.Contracts Administration: Real Estate Board Investment Consultant – Interviews and Intent to Award
Ted Eliopoulos
10.Summary of Committee Direction
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the April 18, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Program Review
Anne Simpson
a.Global Governance: Corporate Engagement Strategy
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Arnie Phillips
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
June 13, 2016
8:45 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
1.Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the May 16, 2016 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the August 15, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Action Agenda Items
5.Asset Allocation, Performance & Risk
Ted Eliopoulos
Eric Baggesen
Dianne Sandoval
Steve Foresti, Wilshire Consulting
a.Interim Asset Allocation Targets Review (Including Capital Markets Outlook)
6.Legislation
Mary Anne Ashley
a.Assembly Bill 2348 (Levine): CalPERS Investments in California Infrastructure Projects
Information Agenda Items
7.Legislation
Mary Anne Ashley
a.Assembly Bill 2833 (Cooley) Public Retirement Alternative Investments Disclosure – Update
8.Program Reviews
Anne Simpson
Dan Bienvenue
a.Global Governance Strategic Review: Key Performance Indicators
Laurie Weir
b.Targeted Investment Programs Update
Laurie Weir
Tom Woefel, Pacific Community
Ventures
c.CalPERS for California Report 2015
9.Policy & Delegation
Kit Crocker
Paul Mouchakkaa
a.Revision of Real Assets Policies – First Reading
Ted Eliopoulos
10.Summary of Committee Direction
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the May 16, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Program Review
Anne Simpson
a.Global Governance: Corporate Engagement Strategy
Matthew Jacobs
Ted Eliopoulos
b.Private Equity Compliance Review
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Ted Eliopoulos
6.Chief Investment Officer – Personnel, Employment and Performance
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
August 15, 2016
9:00 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
1.Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the June 13, 2016 Investment Committee Meeting Minutes
b.Approval of the May 16, 2016 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the September 19, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
f.Quarterly Proxy Voting Update
Action Agenda Items
5.Program Review
Anne Simpson
Dan Bienvenue
a.Adoption of Global Governance Strategic Plan
6.Policy & Delegation
Wylie Tollette
Paul Mouchakkaa
a.Revision of Real Assets Policies – Second Reading
Information Agenda Items
7.Asset Allocation, Performance and Risk
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
a.CalPERS Trust Level Review
Andrew Junkin, Wilshire
Associate Consulting
Michael Moy, Andrew Bratt,
Christy Fields, Pension
Consulting Alliance
David Altshuler, StepStone
b.CalPERS Trust Level Review – Consultant Report
8.Program Review
Wylie Tollette
a.Investment Compliance Program Annual Review
Ted Eliopoulos
9.Summary of Committee Direction
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the June 13, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Asset Allocation, Performance & Risk
Ted Eliopoulos
a.CalPERS Trust Level Review
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
September 19, 2016
9:00 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:30 am
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
1.Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:00 am
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the August 15, 2016 Investment Committee Meeting Minutes
b.Rescind Investment Delegations of Authority
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the November 14, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Information Agenda Items
5.Asset Allocation, Performance and Risk
Andrew Junkin, Wilshire
Associates Consulting
a.CalPERS Consultant Public Fund Universe Comparison Reports
Doug Hoffner
Brad Pacheco
Cheryl Eason
Ted Eliopoulos
Wylie Tollette
b.Risk Profile Review
6.Program Reviews
Ted Eliopoulos
Dan Bienvenue
Curtis Ishii
a.Public Markets Annual Program Review  Global Equity  Global Fixed Income
Andrew Junkin, Wilshire
Associates Consulting
b.Consultant Review of the Global Equity and Global Fixed Income Programs
7.Legislation
Doug McKeever
Daniel Crowley, K&L Gates
a.Federal Investment Policy Representative Update
Ted Eliopoulos
8.Summary of Committee Direction
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the August 15, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Asset Allocation, Performance & Risk
Eric Baggesen
Dianne Sandoval
a.Interim Asset Allocation Targets
Information Agenda Items
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Ted Eliopoulos
6.Chief Investment Officer – Personnel, Employment and Performance
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
November 14, 2016
9:00 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 am
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
1.Chief Investment Officer's Briefing on Market and Personnel Items (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:00 am
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the September 19, 2016 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the December 19, 2016 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Action Agenda Items
5.Total Fund
Kit Crocker
a.California Public Divest from Iran Act
6.Legislation
Mary Anne Ashley
Wylie Tollette
a.State Legislative Proposal: Authorized Collateral for Security Loan Agreements
Information Agenda Items
7.Legislation
Mary Anne Ashley
Wylie Tollette
a.Annual Review of the Legislative and Policy Engagement Guidelines – First Reading
8.Program Reviews
Réal Desrochers
a.Private Equity Annual Program Review
Michael Moy,
Andrew Bratt
Pension Consulting Alliance
b.Consultant Review of the Private Equity Program
Paul Mouchakkaa
c.Real Assets Annual Program Review
David Glickman,
Christy Fields,
Dillon Lorda,
Pension Consulting Alliance
Andrew Junkin,
Wilshire Associates Consulting
David Altshuler,
StepStone
d.Consultant Review of the Real Assets Program
Ted Eliopoulos
9.Summary of Committee Direction
10.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the September 19, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Kit Crocker
a.California Public Divest from Iran Act
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Eric Baggesen
f.Asset Allocation
Ted Eliopoulos
6.Chief Investment Officer – Personnel, Employment and Performance
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
December 19, 2016
9:00 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
9:00 am
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and 11126(c)(16))
Matthew Jacobs
2.Pending Litigation – Investment Matter (Government Code section 11126(e))
OPEN SESSION
9:30 am
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
Wylie Tollette
2.Executive Report – Chief Investment Officer Briefing
Eric Baggesen
a.Monthly Update – Performance and Risk
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the November 14, 2016 Investment Committee Meeting Minutes
b.Report to the California Legislature - Iran and Sudan Divestment
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the February 13, 2017 Investment Committee Meeting
c.Monthly Update – Investment Compliance
d.Federal Investment Policy Representative Update
Action Agenda Items
5.Total Fund
Laurie Weir
a.Annual Report to the California Legislature - CalPERS Emerging Manager Five-Year Plan
Ted Eliopoulos
Wylie Tollette
Dan Bienvenue
Kit Crocker
b.Review of Tobacco Restrictions
Information Agenda Items
6.Program Reviews
Laurie Weir
a.Responsible Contractor Policy Program Annual Report
Laurie Weir
b.Investment Manager Engagement Programs Update
Anne Simpson
Dan Bienvenue
Simiso Nzima
c.Proxy Voting & Corporate Engagement Update
Anne Simpson
Dan Bienvenue
d.Manager Expectations Pilot Update
7.Business Plan
Wylie Tollette
a.Investment Office Roadmap and Target Operating Model Update
Ted Eliopoulos
8.Summary of Committee Direction
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the November 14, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Ted Eliopoulos
Wylie Tollette
Kit Crocker
a.Review of Tobacco Restrictions
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Ted Eliopoulos
e.Opportunistic
Eric Baggesen
f.Asset Allocation
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
February 13, 2017
9:00 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Michael Bilbrey
Dana Hollinger
Bill Slaton
John Chiang
JJ Jelincic
Theresa Taylor
Richard Costigan
Henry Jones
Betty Yee
Rob Feckner
Ron Lind
Richard Gillihan
Priya Mathur

AGENDA

CLOSED SESSION
9:00 am
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:30 am
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
2.Election of the Investment Committee Chair and Vice Chair
Ted Eliopoulos
3.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
4.Consent Items
Action Consent Items:
a.Approval of the December 19, 2016 Investment Committee Meeting Minutes
b.Report to the California Legislature – Holocaust Era and Northern Ireland
Ted Eliopoulos
5.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the March 13, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Legislation – Federal Investment Policy Representative Update
Action Agenda Items
6.Legislation
Mary Anne Ashley
Matthew Jacobs
Wylie Tollette
a.Annual Review of the Legislative and Policy Engagement Guidelines – Second Reading
Mary Anne Ashley
Wylie Tollette
Kit Crocker
b.Assembly Bill 20 (Kalra) Dakota Access Pipeline: Divestment
Information Agenda Items
7.Total Fund
Andrew Junkin,
Wilshire Associates Consulting
Michael Moy,
Andrew Bratt,
Christy Fields,
Pension Consulting Alliance
David Altshuler,
StepStone
a.CalPERS Trust Level Review – Consultant Report
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
John Rothfield
b.CalPERS Trust Level Review
Andrew Junkin,
Steve Foresti,
Wilshire Associates Consulting
c.Consultant Review of CalPERS Divestments
8.Policy & Delegation
Wylie Tollette
Kit Crocker
Andrew Junkin,
Wilshire Associates Consulting
a.Revision of the Total Fund Investment Policy – First Reading
Wylie Tollette
Kit Crocker
Paul Mouchakkaa
Christy Fields,
Pension Consulting Alliance
b.Repeal of the Legacy Real Assets Policies – First Reading
9.Program Reviews
Dan Bienvenue
Simiso Nzima
a.Corporate Governance Update
Ted Eliopoulos
10.Summary of Committee Direction
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the December 19, 2016 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
a.CalPERS Trust Level Review
5.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Asset Allocation
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
March 13, 2017
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 am
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items (Government Code sections 11126(a)(1) and (c)(16))
OPEN SESSION
9:00 am
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the February 13, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the April 17, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Legislation – Federal Investment Policy Representative Update
f.Terminated Agency Pool Rebalance
Action Agenda Items
5.Policy & Delegation
Wylie Tollette
Kit Crocker
a.Review of the Investment Committee Delegation
6.Legislation
Mary Anne Ashley
Ted Eliopoulos
Wylie Tollette
a.Federal Investment Priorities
Wylie Tollette
7.Independent Oversight
a.Contract Administration: Change to Private Equity Board Consulting Contract
Information Agenda Items
8.Total Fund
Dan Bienvenue
Lou Zahorak
Christine Gogan
Rina Lessing
Simiso Nzima
a.ESG Asset Class Integration
9.Program Reviews
Anne Simpson
Dan Bienvenue
a.Global Governance Principles
Ted Eliopoulos
10.Summary of Committee Direction
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the February 13, 2017 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.External Manager and Investment Decision Updates
Réal Desrochers
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Asset Allocation
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
April 17, 2017
9:00 a.m.
Or upon adjournment of the
Board Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:30 am
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:00 am
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the March 13, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the May 15, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Legislation – Federal Investment Policy Representative Update
Action Agenda Items
5.Policy & Delegation
Wylie Tollette
Kit Crocker
a.Revision of the Total Fund Investment Policy – Second Reading
Information Agenda Items
6.Asset Allocation
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
Ron Lagnado
Dianne Sandoval
Alison Li
a.Private Asset Class Roles and Benchmarks
Ted Eliopoulos
7.Summary of Committee Direction
8.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the March 13, 2017 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
Ron Lagnado
Dianne Sandoval
Alison Li
4.Asset Allocation Public Asset Class Roles, Segments, and Benchmarks
5.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Asset Allocation
Ted Eliopoulos
6.Chief Investment Officer – Personnel, Employment and Performance
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
May 15, 2017
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the April 17, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the June 19, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Legislation - Federal Investment Policy Representative Update
Information Agenda Items
5.Asset Allocation
Eric Baggesen
Rose Dean,
Wilshire Associates Consulting
Allan Emkin,
Pension Consulting Alliance
David Altshuler,
StepStone
a.Private Asset Class Roles and Benchmarks
6.Program Reviews
Simiso Nzima
Dan Bienvenue
Anne Simpson
a.Governance and Sustainability Update
7.Total Fund
Wylie Tollette
a.Investment Office Cost Effectiveness
Wylie Tollette
b.Investment Office Roadmap and Target Operating Model Update
Ted Eliopoulos
8.Summary of Committee Direction
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the April 17, 2017 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Total Fund
Wylie Tollette
Kit Crocker
a.Senate Bill 185 (de Leon) Update
Information Agenda Items
5.Asset Allocation
Eric Baggesen
Rose Dean,
Wilshire Associates Consulting
Allan Emkin,
Pension Consulting Alliance
David Altshuler,
StepStone
a.Public Asset Class Roles, Segments, and Benchmarks
6.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Asset Allocation
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
June 19, 2017
8:45 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the May 15, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the August 14, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Asset Allocation
Eric Baggesen
Dianne Sandoval
a.ALM: Adoption of Capital Market Assumptions
Information Agenda Items
6.Program Reviews
Clinton Stevenson
a.Investment Manager Engagement Program Update
Clinton Stevenson
Tom Woelfel,
Pacific Community Ventures
b.CalPERS for California Report 2016
Dan Bienvenue,
Anne Simpson,
Brad Barber,
University of California, Davis
c.Sustainable Investment Research Initiative Refresh Update (Time Certain: 2:00 p.m.)
7.Legislation
Mary Anne Ashley
Daniel Crowley, K&L Gates
a.Federal Investment Policy Representative Update
Ted Eliopoulos
8.Summary of Committee Direction
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the May 15, 2017 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Asset Allocation
Eric Baggesen
a.Capital Market Assumptions
Information Agenda Items
5.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Asset Allocation
Ted Eliopoulos
6.Chief Investment Officer – Personnel, Employment and Performance
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair.
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
August 14, 2017
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the June 19, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the September 18, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Legislation – Federal Investment Policy Representative Update
f.Report to the Legislature – SB 185 (de León)
Information Agenda Items
5.Total Fund
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
John Rothfield
a.CalPERS Trust Level Review
Andrew Junkin,
Rose Dean, Wilshire Associates
Allan Emkin,
Christy Fields,
Pension Consulting Alliance
Tom Keck, StepStone
Stephen McCourt,
Steve Hartt,
Meketa Investment Group
b.CalPERS Trust Level Review - Consultant Report
Ted Eliopoulos
6.Program Reviews
Wylie Tollette
Eric Baggesen
a.Trust Level Portfolio Management Annual Program Review
Dan Bienvenue
Simiso Nzima
b.Corporate Governance Update
7.Independent Oversight
Michael Younger
a.Review of Survey Results on Board Investment Consultants
Ted Eliopoulos
8.Summary of Committee Direction
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the June 19, 2017 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Dan Bienvenue
a.Corporate Governance Engagements and Proxy Season Update
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
b.CalPERS Trust Level Review
5.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair. (Cal. Code Regs., tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Revised Meeting
Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
September 18, 2017
10:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later (Government Code sections 11126(a)(1) and 11126(c)(16))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Chief Investment Officer's Briefing on Market and Personnel Items
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the August 14, 2017 Investment Committee Closed Session Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
5.Asset Allocation
Eric Baggesen
a.Asset Class and Segment Allocation Constraints
6.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Asset Allocation
7.Total Fund
Ted Eliopoulos
a.Private Equity: Follow up on Alternative Business Models
Ted Eliopoulos
8.Chief Investment Officer – Personnel, Employment and Performance
OPEN SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the August 14, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the November 13, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Independent Oversight
Wylie Tollette
a.Changes to Infrastructure Board Investment Consultant
Information Agenda Items
6.Program Reviews
Curtis Ishii
a.Global Fixed Income Annual Program Review
Dan Bienvenue
b.Global Equity Annual Program Review
Andrew Junkin, Wilshire
Associates
c.Consultant Review of the Global Fixed Income Program
Andrew Junkin, Wilshire
Associates
d.Consultant Review of the Global Equity Program
7.Policy & Delegation
Wylie Tollette
Kit Crocker
Andrew Junkin, Wilshire
Associates
a.Public Asset Class Investment Policies – First Reading
8.Total Fund
Andrew Junkin, Wilshire
Associates
a.CalPERS Consultant Public Fund Universe Comparison Reports
Ted Eliopoulos
9.Summary of Committee Direction
10.Public Comment
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
November 13, 2017
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later (Government Code sections 11126(a)(1) and (c)(16))
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the September 18, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for December 18, 2017 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Federal Investment Policy Representative Update
Action Agenda Items
5.Policy & Delegation
Wylie Tollette
Kit Crocker
Andrew Junkin, Wilshire
Associates
a.Public Asset Class Investment Policies – Second Reading
Information Agenda Items
6.Program Reviews
Sarah Corr
Mahboob Hossain
a.Private Equity Annual Program Review
Stephen McCourt, Steven Hartt,
Meketa Investment Group
b.Consultant Review of the Private Equity Program
Paul Mouchakkaa
Mike Inglett
Jane Delfendahl
Beth Richtman
Ed Yrure
c.Real Assets Annual Program Review
Allan Emkin,
David Glickman,
Christy Fields,
Pension Consulting Alliance
Lisa Bacon,
Stephen McCourt,
Meketa Investment Group
Andrew Junkin,
Wilshire Associates Consulting
d.Consultant Review of the Real Assets Program
Ted Eliopoulos
7.Summary of Committee Direction
8.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the September 18, 2017 Investment Committee Closed Session Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Asset Allocation
Eric Baggesen
a.Impact of Asset Segments
5.Total Fund
Ted Eliopoulos
John Cole
Larry Sonsini, Wilson Sonsini
Goodrich & Rosati
a.Private Equity: Follow up on Alternative Business Models
6.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
Ted Eliopoulos
7.Chief Investment Officer – Personnel, Employment and Performance
8.Investment Strategy Session with Board’s Independent Consultants
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
December 18, 2017
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Priya Mathur
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Michael Bilbrey
Dana Hollinger
Betty Yee
John Chiang
JJ Jelincic
Richard Costigan
Ron Lind

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later (Government Code sections 11126(a)(1) and (c)(16))
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the November 13, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for February 12, 2018 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Legislation – Federal Investment Policy Representative Update
f.Report on Alternative Investments (AB 2833)
g.Report to the Legislature - California Divest from Iran Act and Sudan Act Compliance
Action Agenda Items
5.Asset Allocation
Eric Baggesen
a.Selection of Strategic Asset Allocation for the Public Employees’ Retirement Fund
6.Investment Manager Engagement Programs
Clinton Stevenson
a.Annual Report to the California Legislature – CalPERS Emerging Manager Five-Year Plan
Information Agenda Items
7.Total Fund
Daniel Ingram,
Wilshire Associates Consulting
a.Consultant Review of CalPERS' Divestments
Carrie Douglas-Fong
b.Responsible Contractor Policy Program Annual Report
Wylie Tollette
c.Investment Office Roadmap and Target Operating Model Update
Ted Eliopoulos
8.Summary of Committee Direction
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the November 13, 2017 Investment Committee Closed Session Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Ted Eliopoulos
John Cole
a.Private Equity: Follow up on Alternative Business Models
5.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
6.Investment Strategy Session with the Board’s Independent Consultants
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Committee Chair. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
February 12, 2018
9:30 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Rob Feckner
Ramon Rubalcava
Bill Slaton, Vice Chair
Richard Gillihan
Theresa Taylor
Margaret Brown
Dana Hollinger
Betty Yee
John Chiang
Priya Mathur
Richard Costigan
David Miller

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later (Government Code sections 11126(a)(1) and 11126(c)(16))
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items
OPEN SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
2.Election of the Investment Committee Chair and Vice Chair
Ted Eliopoulos
3.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
4.Consent Items
Action Consent Items:
a.Approval of the December 18, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
5.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for March 19, 2018 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.Report to the California Legislature – Holocaust Era and Northern Ireland
Information Agenda Items
6.Total Fund
Andrew Junkin, Wilshire
Associates Consulting
Christy Fields, Pension
Consulting Alliance
Stephen McCourt,
Steven Hartt,
Meketa Investment Group
a.CalPERS Trust Level Review – Consultant Report
Ted Eliopoulos
Matt Flynn
Eric Baggesen
Michael Krimm
John Rothfield
b.CalPERS Trust Level Review – Staff Report
7.Policy and Delegation
Matt Flynn
Kit Crocker
Andrew Junkin, Wilshire
Associates Consulting
Christy Fields, Pension
Consulting Alliance
Stephen McCourt,
Steven Hartt,
Lisa Bacon,
Meketa Investment Group
a.Revision of Real Assets Program Policy - First Reading
Ted Eliopoulos
8.Summary of Committee Direction
9.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the December 18, 2017 Investment Committee Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
Ted Eliopoulos
Matt Flynn
Eric Baggesen
a.CalPERS Trust Level Review
John Cole
Larry Sonsini, Wilson Sonsini
Goodrich & Rosati
b.Private Equity: Follow up on Alternative Business Models
5.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
6.Investment Strategy Session with Board’s Independent Consultants
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
March 19, 2018
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Richard Gillihan
Bill Slaton
Richard Costigan, Vice Chair
Dana Hollinger
Theresa Taylor
Margaret Brown
Priya Mathur
Betty Yee
John Chiang
David Miller
Rob Feckner
Ramon Rubalcava

AGENDA

CLOSED SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later (Government Code sections 11126(a)(1) and 11126(c)(16))
Ted Eliopoulos
1.Chief Investment Officer's Briefing on Market and Personnel Items
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the February 12, 2018 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for April 16, 2018 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
e.AB 20 Report to the California Legislature
f.Terminated Agency Pool Rebalance
Information Agenda Items
5.Policy & Delegation
Kit Crocker
a.Review of the Investment Committee Delegation
Matt Flynn
Kit Crocker
b.Revision of Real Assets Program Policy - Second Reading
6.Total Fund
Andrew Junkin,
Daniel Ingram, Wilshire
Associates Consulting
a.Consultant Review of ESG Integration
Dan Bienvenue
Anne Simpson
b.ESG Strategic Plan Update
Dan Bienvenue
Anne Simpson
c.Governance and Sustainability Principles
Dan Bienvenue
Anne Simpson
Simiso Nzima
d.Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement
Ted Eliopoulos
7.Summary of Committee Direction
8.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the February 12, 2018 Investment Committee Closed Session Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Asset Allocation
Eric Baggesen
Dianne Sandoval
a.Strategic Asset Allocation – Implementation
5.Program Review
Sarah Corr
a.Private Equity Investment Opportunity
Information Agenda Items
6.Total Fund
Ted Eliopoulos
John Cole
a.Private Equity: Follow up on Alternative Business Models
Dan Bienvenue
Anne Simpson
Simiso Nzima
b.Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement
7.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
Ted Eliopoulos
8.Chief Investment Officer – Personnel, Employment and Performance
9.Investment Strategy Session with Board’s Inde endent Consultants
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
April 16, 2018
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Richard Gillihan
Bill Slaton
Richard Costigan, Vice Chair
Dana Hollinger
Theresa Taylor
Margaret Brown
Priya Mathur
Betty Yee
John Chiang
David Miller
Rob Feckner
Ramon Rubalcava

AGENDA

OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the March 19, 2018 Investment Committee Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for May 14, 2018 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Asset Allocation
Christine Reese
Alison Li
a.Affiliate Trust Asset Allocation Review: Supplemental Income Plans
Information Agenda Items
6.Total Fund
Dan Bienvenue
a.Dual Class/Non-Voting Shares Update and Debate
Anne Simpson
Simiso Nzima
b.Proposed Revisions to Governance and Sustainability Principles
c.Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement
Ted Eliopoulos
7.Summary of Committee Direction
8.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the March 19, 2018 Investment Committee Closed Session Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Information Agenda Items
4.Total Fund
John Cole
a.Private Equity: Follow up on Alternative Business Models
5.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Curtis Ishii
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
6.Investment Strategy Session with Board’s Independent Consultants
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
CalPERS Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
May 14, 2018
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Richard Gillihan
Bill Slaton
Richard Costigan, Vice Chair
Dana Hollinger
Theresa Taylor
Margaret Brown
Priya Mathur
Betty Yee
John Chiang
David Miller
Rob Feckner
Ramon Rubalcava

AGENDA

OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of Board Closed Session, Whichever is Later
1.Call to Order and Roll Call
Ted Eliopoulos
2.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
3.Consent Items
Action Consent Items:
a.Approval of the April 16, 2018 Investment Committee Open Session Meeting Minutes
Ted Eliopoulos
4.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for June 18, 2018 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
5.Asset Allocation
Eric Baggesen
Dan Bienvenue
Christine Reese
Alison Li
a.Affiliate Trust Asset Allocation Review: LRS, JRS, JRS II and CERBT
Information Agenda Items
6.Policy and Delegation
Kit Crocker
Anne Simpson
Simiso Nzima
a.Revision of the Total Fund Policy – First Reading
Ted Eliopoulos
7.Summary of Committee Direction
8.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the April 16, 2018 Investment Committee Closed Session Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Asset Allocation
Eric Baggesen
Dianne Sandoval
a.Strategic Asset Allocation – Ranges
Information Agenda Items
5.Total Fund
Ted Eliopoulos
John Cole
a.Private Equity: Follow up on Alternative Business Models
Dan Bienvenue
Anne Simpson
Simiso Nzima
b.Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement
6.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Arnie Phillips
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
7.Investment Strategy Session with the Board’s Independent Consultants
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee
Meeting Agenda
CalPERS Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA
June 18, 2018
9:00 a.m.
Or upon adjournment of the
Closed Session — Whichever is later

COMMITTEE MEMBERS

Henry Jones, Chair
Richard Gillihan
Bill Slaton
Richard Costigan, Vice Chair
Dana Hollinger
Theresa Taylor
Margaret Brown
Priya Mathur
Betty Yee
John Chiang
David Miller
Rob Feckner
Ramon Rubalcava

AGENDA

OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Board Closed Session, Whichever is Later
1.Call to Order and Roll Call
Henry Jones
2.Approval of the June 18, 2018 Investment Committee Timed Agenda
Ted Eliopoulos
3.Executive Report – Chief Investment Officer Briefing
Ted Eliopoulos
4.Consent Items
Action Consent Items:
a.Approval of the May 14, 2018 Investment Committee Open Session Meeting Minutes
Ted Eliopoulos
5.Consent Items
Information Consent Items:
a.Annual Calendar Review
b.Draft Agenda for the August 13, 2018 Investment Committee Meeting
c.Monthly Update – Performance and Risk
d.Monthly Update – Investment Compliance
Action Agenda Items
6.Asset Allocation
Eric Baggesen
Dan Bienvenue
Christine Reese
Alison Li
a.Affiliate Trust Asset Allocation Review: Health Care Fund Reserve and Long-Term Care Fund
7.Policy & Delegation
Elisabeth Bourqui
Kit Crocker
a.Revision of Total Fund Policy – Second Reading
Information Agenda Items
8.Policy & Delegation
Kit Crocker
Sarah Corr
a.Revision of the Private Equity Program Policy – First Reading
9.Total Fund
Clinton Stevenson
a.CalPERS for California and California Initiative
Ted Eliopoulos
Elisabeth Bourqui
John Cole
Dr. Ashby Monk, Stanford
Global Projects Center
b.Update Private Equity Business Model Alternatives
Beth Richtman
Simiso Nzima
c.Corporate Board Diversity Update
Ted Eliopoulos
10.Summary of Committee Direction
11.Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))
1.Call to Order and Roll Call
Ted Eliopoulos
2.Consent Items
Action Consent Items:
a.Approval of the May 14, 2018 Investment Committee Closed Session Meeting Minutes
Ted Eliopoulos
3.Consent Items
Information Consent Items:
a.Closed Session Activity Reports
1)Status of Action Items Not Yet Reported
2)Items Completed Under Delegated Authority
3)Disclosure of Placement Agent Fees: Proposed Investments
4)Investment Proposal Status Reports
Action Agenda Items
4.Total Fund
Paul Mouchakkaa
a.Real Estate Investment Opportunity
Information Agenda Items
5.Total Fund
Dan Bienvenue
Kit Crocker
Christine Reese
a.Affiliate Funds Update
Ted Eliopoulos
Elisabeth Bourqui
John Cole
b.Private Equity: Follow up on Alternative Business Models
Eric Baggesen
Dianne Sandoval
c.Strategic Asset Allocation - Implementation
6.External Manager and Investment Decision Updates
Sarah Corr
a.Private Equity
Paul Mouchakkaa
b.Real Assets
Dan Bienvenue
c.Global Equity
Arnie Phillips
d.Global Fixed Income Programs
Kevin Winter
e.Opportunistic
Eric Baggesen
f.Trust Level Portfolio Management
Ted Eliopoulos
7.Chief Investment Officer – Personnel, Employment and Performance
8.Investment Strategy Session with the Board’s Independent Consultants
Notes
1)Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board.
2)The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.
3)Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.)
4)Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA August 13, 2018 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Henry Jones, Chair Richard Costigan, Vice Chair Margaret Brown John Chiang Rob Feckner Richard Gillihan Dana Hollinger Priya Mathur David Miller Ramon Rubalcava Bill Slaton Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the August 13, 2018 Investment Committee Timed Agenda 3. Executive Report – Chief Investment Officer Briefing – Ted Eliopoulos 4. Action Consent Item – Ted Eliopoulos a. Approval of the June 18, 2018 Investment Committee Open Session Meeting Minutes 5. Information Consent Items – Ted Eliopoulos a. Annual Calendar Review b. Draft Agenda for the September 24, 2018 Investment Committee Meeting c. Monthly Update – Performance and Risk d. Monthly Update – Investment Compliance 6. Action Agenda Item – Policy and Delegation a. Revision of the Private Equity Program Policy – Second Reading – Kit Crocker and Sarah Corr 7. Action Agenda Item – Independent Oversight a. Board Investment Consultant Request for Proposal – Public and Private – Ted Eliopoulos and Elisabeth Bourqui Considered by committee but no action taken 8. Information Agenda Items – Total Fund a. CalPERS Trust Level Review – Ted Eliopoulos, Elisabeth Bourqui, Eric Baggesen, and John Rothfield b. CalPERS Trust Level Review – Consultant Report – Andrew Junkin and Rose Dean, Wilshire Associates, Allan Emkin and Christy Fields, Pension Consulting Alliance, and Stephen McCourt and Steve Hartt, Meketa Investment Group c. Iran/Sudan Update – Kit Crocker 9. Information Agenda Items – Program Reviews a. Trust Level Portfolio Management Annual Program Review – Ted Eliopoulos, Elisabeth Bourqui, and Eric Baggesen b. Consultant Review of Trust Level Portfolio Management Program – Andrew Junkin and Rose Dean, Wilshire Associates c. Opportunistic Strategies Annual Program Review – Kevin Winter, Tom McDonagh, and Jean Hsu d. Consultant Review of the Opportunistic Strategies Program – Andrew Junkin, Wilshire Associates 10. Information Agenda Item – Independent Oversight a. Review of Survey Results on Board Investment Consultants – Kristin LaMantia 11. Summary of Committee Direction – Ted Eliopoulos 12. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Ted Eliopoulos a. Approval of the June 18, 2018 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Ted Eliopoulos a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Items – Total Fund a. Opportunistic Strategies Annual Program Review – Kevin Winter, Tom McDonagh, and Jean Hsu b. CalPERS Trust Level Review – Ted Eliopoulos, Elisabeth Bourqui, and Eric Baggesen c. Update on Private Equity Business Model – Ted Eliopoulos and John Cole 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Dan Bienvenue d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA September 24, 2018 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Henry Jones, Chair Richard Costigan, Vice Chair Margaret Brown John Chiang Rob Feckner Dana Hollinger Adria Jenkins-Jones Priya Mathur David Miller Ramon Rubalcava Bill Slaton Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the September 24, 2018 Investment Committee Timed Agenda 3. Executive Report – Chief Investment Officer Briefing – Ted Eliopoulos 4. Action Consent Item – Ted Eliopoulos a. Approval of the August 13, 2018 Investment Committee Open Session Meeting Minutes 5. Information Consent Items – Ted Eliopoulos a. Annual Calendar Review b. Draft Agenda for the November 13, 2018 Investment Committee Meeting c. Monthly Update – Performance and Risk d. Monthly Update – Investment Compliance e. Supplemental Income Plan Strategic Asset Allocation Implementation Update 6. Action Agenda Item – Total Fund a. California Public Divest from Iran Act and Sudan Act - Adoption of Findings – Kit Crocker 7. Information Agenda Item – Program Reviews a. Global Fixed Income Annual Program Review – Arnie Philips b. Consultant Review of the Global Fixed Income Program – Andrew Junkin, Wilshire Associates c. Real Assets Annual Program Review – Paul Mouchakkaa d. Consultants Review of the Real Assets Program – Andrew Junkin, Wilshire Associates, Christy Fields and Sarah Bernstein, Pension Consulting Alliance, Lisa Bacon and Stephen McCourt, Meketa Investment Group 8. Information Agenda Items – Policy and Delegation a. Review of Investment Policy Updates – First Reading – Kit Crocker 9. Information Agenda Items – Total Fund a. CalPERS Consultant Public Fund Universe Comparison Reports – Andrew Junkin, Wilshire Associates b. Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement – Beth Richtman and Simiso Nzima 10. Summary of Committee Direction – Ted Eliopoulos 11. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Ted Eliopoulos a. Approval of the August 13, 2018 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Ted Eliopoulos a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Items – Total Fund a. California Public Divest from Iran Act and Sudan Act – Kit Crocker b. Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement – Beth Richtman and Simiso Nzima c. Update on Private Equity Business Model – Ted Eliopoulos, Elisabeth Bourqui and John Cole 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Steve Carden d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen 6. Information Agenda Item – Chief Investment Officer – Personnel, Employment and Performance – Ted Eliopoulos 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 13, 2018 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Henry Jones, Chair Richard Costigan, Vice Chair Margaret Brown John Chiang Rob Feckner Dana Hollinger Adria Jenkins-Jones Priya Mathur David Miller Ramon Rubalcava Bill Slaton Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the November 13, 2018 Investment Committee Timed Agenda 3. Executive Report – Chief Investment Officer Briefing – Ted Eliopoulos 4. Action Consent Item – Ted Eliopoulos a. Approval of the September 24, 2018 Investment Committee Open Session Meeting Minutes 5. Information Consent Items – Ted Eliopoulos a. Annual Calendar Review b. Draft Agenda for the December 17, 2018 Investment Committee Meeting c. Monthly Update – Performance and Risk d. Monthly Update – Investment Compliance 6. Action Agenda Item – Policy and Delegation a. Review of Investment Policy Updates - Second Reading – Kit Crocker 7. Information Agenda Item – Program Reviews a. Global Equity Annual Program Review – Dan Bienvenue, Nelson Da Conceicao, May Leung, and Christine Reese b. Consultant Review of the Global Equity Program – Andrew Junkin, Wilshire Associates c. Private Equity Annual Program Review – Sarah Corr and Mahboob Hossain d. Consultant Review of the Private Equity Program – Steven Hartt and Hannah Schriner, Meketa Investment Group 8. Summary of Committee Direction – Ted Eliopoulos 9. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Ted Eliopoulos a. Approval of the September 24, 2018 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Ted Eliopoulos a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Items – Total Fund a. Global Equity Annual Program Review – Dan Bienvenue b. Private Equity Annual Program Review – Sarah Corr c. Private Equity Business Model Discussion – Ted Eliopoulos, Elisabeth Bourqui, and John Cole 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Dan Bienvenue d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA December 17, 2018 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Henry Jones, Chair Richard Costigan, Vice Chair Margaret Brown John Chiang Rob Feckner Dana Hollinger Adria Jenkins-Jones Priya Mathur David Miller Ramon Rubalcava Bill Slaton Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the December 17, 2018 Investment Committee Timed Agenda 3. Executive Report – Chief Investment Officer Briefing – Eric Baggesen 4. Action Consent Item – Eric Baggesen a. Approval of the November 13, 2018 Investment Committee Open Session Meeting Minutes 5. Information Consent Items – Eric Baggesen a. Annual Calendar Review b. Draft Agenda for the February 19, 2019 Investment Committee Meeting c. Monthly Update – Performance and Risk d. Monthly Update – Investment Compliance e. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) f. Report to the Legislature - California Public Divest from Iran Act and Sudan Act Compliance 6. Action Agenda Item – Policy and Delegation a. Revision of Real Assets Program Policy (Infrastructure) – Paul Mouchakkaa and Kit Crocker 7. Action Agenda Item – Independent Oversight a. Board Investment Consultant Request for Proposal - Public and Private – Eric Baggesen and Elisabeth Bourqui 8. Information Agenda Item – Total Fund a. Consultant Review of CalPERS’ Divestments – Steve Foresti, Wilshire Associates b. Emerging and Transition Manager 2020 Plan Update – Clinton Stevenson and Diego Carrillo c. Responsible Contractor Policy Program Annual Report – Carrie Douglas-Fong d. Summary of Private Equity Business Models – John Cole 9. Summary of Committee Direction – Eric Baggesen 10. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Eric Baggesen a. Approval of the November 13, 2018 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Eric Baggesen a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Items – Total Fund a. Update on Private Equity Business Model – John Cole 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Dan Bienvenue d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen 6. Information Agenda Item – Chief Investment Officer – Personnel, Employment and Performance – Eric Baggesen 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA February 19, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Henry Jones, Chair Margaret Brown Rob Feckner Dana Hollinger Adria Jenkins-Jones Fiona Ma David Miller Jason Perez Mona Pasquil Rogers Ramon Rubalcava Bill Slaton Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Election of the Chair and Vice-Chair 3. Approval of the February 19, 2019 Investment Committee Timed Agenda 4. Executive Report – Chief Investment Officer Briefing – Ben Meng 5. Action Consent Item – Ben Meng a. Approval of the December 17, 2018 Investment Committee Open Session Meeting Minutes b. Review of the Investment Committee Delegation c. Contract Administration: Assignment of Asset Class and Board Consultant Contracts 6. Information Consent Items – Ben Meng a. Annual Calendar Review b. Draft Agenda for the March 18, 2019 Investment Committee Meeting c. Monthly Update – Performance and Risk d. Monthly Update – Investment Compliance e. Report to the California Legislature - Holocaust Era and Northern Ireland 7. Information Agenda Item – Total Fund a. CalPERS Trust Level Review - Consultant Report – Andrew Junkin, Wilshire Associates Consulting, Christy Fields, Pension Consulting Alliance, Stephen McCourt and Steven Hartt, Meketa Investment Group b. CalPERS Trust Level Review – Ben Meng, Dan Bienvenue, Eric Baggesen, Michael Krimm, and John Rothfield c. Summary of Private Equity Business Models – Ben Meng and John Cole 8. Summary of Committee Direction – Ben Meng 9. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Ben Meng a. Approval of the December 17, 2018 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Ben Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Items – Total Fund a. Private Equity Business Model – Ben Meng and John Cole b. CalPERS Trust Level Review – Ben Meng, Dan Bienvenue, Eric Baggesen, Michael Krimm, and John Rothfield 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Dan Bienvenue d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen g. Sustainable Investments – Beth Richtman 6. Information Agenda Item – Investment Strateg y Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA March 18, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Bill Slaton, Chair Rob Feckner, Vice Chair Margaret Brown Dana Hollinger Henry Jones Fiona Ma David Miller Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the March 18, 2019 Investment Committee Timed Agenda 3. Pledge of Allegiance – Bill Slaton 4. Executive Report – Chief Investment Officer Briefing – Ben Meng 5. Action Consent Item – Ben Meng a. Approval of the February 19, 2019 Investment Committee Open Session Meeting Minutes 6. Information Consent Items – Ben Meng a. Annual Calendar Review b. Draft Agenda for the April 15, 2019 Investment Committee Meeting c. Monthly Update – Performance and Risk d. Monthly Update – Investment Compliance e. Terminated Agency Pool Rebalance 7. Action Agenda Item – Legislative Proposals a. Assembly Bill 181 (Rodriguez) Emerging and Transition Investment Managers – Danny Brown b. Assembly Bill 33 (Bonta) Private Prison Divestment – Danny Brown 8. Action Agenda Item – Total Fund a. Private Equity Business Model – Ben Meng, John Cole and Sarah Corr 9. Information Agenda Item – Total Fund a. Sustainable Investments Update – Beth Richtman b. Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement – Dan Bienvenue and Simiso Nzima c. CalPERS Divestment Overview – Kit Crocker and Steve Foresti, Wilshire Associates Incorporated 10. Summary of Committee Direction – Ben Meng 11. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Ben Meng a. Approval of the February 19, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Ben Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Items – Total Fund a. Corporate Governance Update: Proxy Voting, Shareowner Campaigns and Corporate Engagement – Dan Bienvenue and Simiso Nzima 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Dan Bienvenue d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen g. Sustainable Investments – Beth Richtman 6. Chief Investment Officer - Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA April 15, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Bill Slaton, Chair Rob Feckner, Vice Chair Margaret Brown Dana Hollinger Henry Jones Fiona Ma David Miller Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the April 15, 2019 Investment Committee Timed Agenda 3. Pledge of Allegiance – Bill Slaton 4. Executive Report – Chief Investment Officer Briefing – Ben Meng 5. Action Consent Item – Ben Meng a. Approval of the March 18, 2019 Investment Committee Open Session Meeting Minutes 6. Information Consent Items – Ben Meng a. Annual Calendar Review b. Draft Agenda for the May 13, 2019 Investment Committee Meeting c. Monthly Update – Performance and Risk d. Monthly Update – Investment Compliance 7. Action Agenda Item – Legislative Proposals a. Assembly Bill 1320 (Nazarian) Divestment from Turkish Investment Vehicles – Danny Brown 8. Information Agenda Item – Total Fund a. Review of Private Equity Co-Investments – Ben Meng and Sarah Corr 9. Summary of Committee Direction – Ben Meng 10. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item – Ben Meng a. Approval of the March 18, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Ben Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Item – Total Fund a. Review of Private Equity Co-Investments – Ben Meng and Sarah Corr 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Dan Bienvenue d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen g. Sustainable Investments – Beth Richtman 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA May 13, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Rob Feckner, Vice Chair Margaret Brown Dana Hollinger Henry Jones Fiona Ma Lisa Middleton David Miller Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Theresa Taylor Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the May 13, 2019 Investment Committee Timed Agenda 3. Swearing-In Ceremony for New Board Members 4. Election of the Chair 5. Pledge of Allegiance 6. Action Consent Item – Ben Meng a. Approval of the April 15, 2019 Investment Committee Open Session Meeting Minutes 7. Information Agenda Item a. Review of CalPERS Private Equity Co-Investments Activities - Continued – Ben Meng and Sarah Corr 8. Investment Education Workshop #1 a. Board Education Workshop: Investment Risk and Return Basics – Ben Meng, Anne Simpson and Jeffery V. Bailey, Chartered Financial Analysts Institute 9. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item – Ben Meng a. Approval of the April 15, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity – Sarah Corr b. Real Assets – Paul Mouchakkaa c. Global Equity – Dan Bienvenue d. Global Fixed Income – Arnie Phillips e. Opportunistic – Kevin Winter f. Trust Level Portfolio Management – Eric Baggesen g. Sustainable Investments – Beth Richtman 4. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA June 17, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Margaret Brown Dana Hollinger Henry Jones Fiona Ma Lisa Middleton David Miller Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the June 17, 2019 Investment Committee Timed Agenda 3. Pledge of Allegiance 4. Executive Report — Chief Investment Officer Briefing — Ben Meng 5. Action Consent Item — Ben Meng a. Approval of the May 13, 2019 Investment Committee Open Session Meeting Minutes 6. Information Consent Items — Ben Meng a. Annual Calendar Review b. Draft Agenda for the August 19, 2019 Investment Committee Meeting c. Monthly Update — Performance and Risk d. Monthly Update — Investment Compliance e. CalPERS for California Annual Update 7. Investment Education Workshop #2 – Time Certain 9:30 a.m. a. Asset Class Overview: The Role of Fixed Income and Benchmarks – Ben Meng, Dan Bienvenue, Anne Simpson and Jeffery V. Bailey, Chartered Financial Analysts Institute 8. Action Agenda Item — Asset Allocation a. Affiliate Trust Asset Allocation Review for the California Employers’ Pension Prefunding Trust — Dan Bienvenue, Eric Baggesen, Christine Reese and Alison Li 9. Information Agenda Item — Total Fund a. Mitigating Drawdowns – Ben Meng 10. Summary of Committee Direction — Ben Meng 11. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Ben Meng a. Approval of the May 13, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Ben Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Item — Strategic Asset Allocation a. Global Fixed Income Benchmark Strategic Implementation – Dianne Sandoval and Eric Baggesen 5. Information Agenda Item — Total Fund a. Strategic Asset Allocation – Dianne Sandoval and Eric Baggesen 6. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Sarah Corr and Ben Meng b. Real Assets — Paul Mouchakkaa c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Kevin Winter f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Beth Richtman 7. Chief Investment Officer — Personnel, Employment and Performance 8. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA August 19, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Margaret Brown Henry Jones Fiona Ma Lisa Middleton David Miller Stacie Olivares-Castain Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the August 19, 2019 Investment Committee Timed Agenda 3. Swearing-In Ceremony for New Board Member 4. Pledge of Allegiance 5. Executive Report — Chief Investment Officer Briefing — Yu (Ben) Meng 6. Action Consent Item — Yu (Ben) Meng a. Approval of the June 17, 2019 Investment Committee Open Session Meeting Minutes 7. Information Consent Items — Yu (Ben) Meng a. Annual Calendar Review b. Draft Agenda for the September 16, 2019 Investment Committee Meeting c. Monthly Update — Performance and Risk d. Monthly Update — Investment Controls e. Trust Level Portfolio Management Annual Program Review f. Opportunistic Strategies Annual Program Review 8. Action Agenda Item — Independent Oversight a. Board Investment Consultants — Selection of Finalists to Interview, and Interview and Selection Process — Dan Bienvenue and Matt Flynn 9. Information Agenda Item — Total Fund a. CalPERS Trust Level Review — Yu (Ben) Meng, Dan Bienvenue, Eric Baggesen and John Rothfield b. CalPERS Trust Level Review - Consultant Report — Andrew Junkin, Wilshire Associates, and Stephen McCourt, Meketa Investment Group c. Revision of the Total Fund Policy – First Reading – Dan Bienvenue, Kit Crocker, and Beth Richtman 10. Information Agenda Item — Program Reviews a. Consultant Review of Trust Level Portfolio Management Program — Andrew Junkin and Rose Dean, Wilshire Associates b. Consultant Review of the Opportunistic Strategies Program — Andrew Junkin, Wilshire Associates 11. Information Agenda Item — Independent Oversight a. Review of Survey Results on Board Investment Consultants — Kristin LaMantia 12. Summary of Committee Direction — Yu (Ben) Meng 13. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Yu (Ben) Meng a. Approval of the June 17, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Yu (Ben) Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Disclosure of Placement Agent Fees: Proposed Investments 4. Investment Proposal Status Reports 4. Information Agenda Items — Total Fund a. CalPERS Trust Level Review — Yu (Ben) Meng, Dan Bienvenue and Eric Baggesen b. Annual Program Reviews: Trust Level Portfolio Management and Opportunistic Strategies — Eric Baggesen, Kevin Winter 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz and Sarah Corr b. Real Assets — Paul Mouchakkaa c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Kevin Winter f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Beth Richtman 6. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA August 20, 2019 8:30 a.m. Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Margaret Brown Henry Jones Fiona Ma Lisa Middleton David Miller Stacie Olivares-Castain Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Betty Yee Open Session 8:30 a.m. Item 1. Call to Order and Roll Call 2. Approval of the August 20, 2019 Investment Committee Education Workshop Timed Agenda 3. Investment Education Workshop #3 a. Guest Keynote: “ The GPIF Endeavor as a Cross-Generation, Universal Investor: Aligning Interests for Long- Term Value Creation”, H iromichi Mizuno, Executive Managing Director, Chief Investment Officer, Government Pension Investment Fund, Japan b. Public Markets Part Two: Global Equity – Anne Simpson, John Griswold, Chartered Financial Analysts Institute Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA September 16, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Margaret Brown Henry Jones Fiona Ma Lisa Middleton David Miller Stacie Olivares Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the September 16, 2019 Investment Committee Timed Agenda 3. Pledge of Allegiance 4. Executive Report — Chief Investment Officer Briefing — Yu (Ben) Meng 5. Action Consent Item — Yu (Ben) Meng a. Approval of the August 19, 2019 Investment Committee Open Session Meeting Minutes b. Approval of the August 20, 2019 Investment Committee Open Session Meeting Minutes 6. Information Consent Items — Yu (Ben) Meng a. Annual Calendar Review b. Draft Agenda for the November 18, 2019 Investment Committee Meeting c. Monthly Update — Performance and Risk d. Monthly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 7. Action Agenda Item — Policy & Delegation a. Revision of Total Fund Policy – Second Reading — Dan Bienvenue, Kit Crocker, and Beth Richtman 8. Information Agenda Item — Program Reviews a. Global Equity Annual Program Review — Dan Bienvenue b. Consultant Review of Global Equity Program — Andrew Junkin, Wilshire Associates c. Global Fixed Income Annual Program Review — Arnie Phillips d. Consultant Review of Global Fixed Income — Andrew Junkin, Wilshire Associates 9. Information Agenda Item — Policy & Delegation a. Public Asset Class Program Policy Revisions – First Reading — Kit Crocker 10. Information Agenda Items — Total Fund a. CalPERS Consultant Public Fund Universe Comparison Reports — Andrew Junkin, Wilshire Associates b. Information as an Asset — Andrew Junkin, Wilshire Associates, and Stephen McCourt, Meketa Investment Group 11. Summary of Committee Direction — Yu (Ben) Meng 12. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Yu (Ben) Meng a. Approval of the August 19, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Yu (Ben) Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees: Proposed Investments 4. Information Agenda Item – Program Reviews a. Public Markets Annual Program Review — Dan Bienvenue and Arnie Philips 5. Information Agenda Item – Total Fund a. Co-Investment Strategy — Greg Ruiz and Sarah Corr 6. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz and Sarah Corr b. Real Assets — Paul Mouchakkaa c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Kevin Winter f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Beth Richtman 7. Chief Investment Officer – Personnel, Employment and Performance — Yu (Ben) Meng 8. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 18, 2019 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Margaret Brown Henry Jones Fiona Ma Lisa Middleton David Miller Stacie Olivares Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Betty Yee Open Session 9:00 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the November 18, 2019 Investment Committee Timed Agenda 3. Pledge of Allegiance 4. Executive Report — Chief Investment Officer Briefing — Yu (Ben) Meng 5. Action Consent Item — Yu (Ben) Meng a. Approval of the September 16, 2019 Investment Committee Open Session Meeting Minutes 6. Information Consent Items — Yu (Ben) Meng a. Annual Calendar Review b. Draft Agenda for the December 16, 2019 Investment Committee Meeting c. Monthly Update — Performance and Risk d. Monthly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 7. Action Agenda Item — Independent Oversight a. Board Investment Consultants – Results of Board Investment Consultants Interviews and Intent to Award — Dan Bienvenue and Matt Flynn 8. Action Agenda Item — Policy & Delegation a. Public Asset Class Program Policy Revisions – Second Reading — Kit Crocker 9. Information Agenda Item — Program Reviews a. Real Assets Annual Program Review — Paul Mouchakkaa b. Consultant Review of the Real Assets Program — Christy Fields, David Glickman, and Lisa Bacon, Meketa Investment Group and Andrew Junkin, Wilshire Associates c. Private Equity Annual Program Review — Greg Ruiz and Sarah Corr d. Consultant Review of the Private Equity Program — Steven Hartt and Judy Chambers, Meketa Investment Group 10. Information Agenda Item — Policy & Delegation a. Private Asset Class Program Policy Revisions – First Reading — Kit Crocker 11. Information Agenda Item – Total Fund a. Affiliate Trust Fixed Income Benchmark Update — Eric Baggesen and Christine Reese b. CalPERS Strategy on Sustainability — Anne Simpson, Beth Richtman, and Simiso Nzima c. CalPERS for California Annual Update — Dan Bienvenue 12. Summary of Committee Direction — Yu (Ben) Meng 13. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Yu (Ben) Meng a. Approval of the September 16, 2019 Investment Committee Closed Session Meeting Minutes b. November 2019 Contract Prospective Report 3. Information Consent Items — Yu (Ben) Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Item — Program Reviews a. Private Markets Annual Program Review — Paul Mouchakkaa, Greg Ruiz, and Sarah Corr 5. Information Agenda Items — Total Fund a. Investment Strategy Review — Yu (Ben) Meng 6. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz and Sarah Corr b. Real Assets — Paul Mouchakkaa c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Kevin Winter f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Beth Richtman 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA December 16, 2019 9:00 a.m. Or upon adjournment of the Closed Session – Whichever is later Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Margaret Brown Henry Jones Fiona Ma Lisa Middleton David Miller Stacie Olivares Eraina Ortega Jason Perez Mona Pasquil Rogers Ramon Rubalcava Betty Yee Open Session 9:00 a.m. Or upon adjournment of the Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the December 16, 2019 Investment Committee Timed Agenda 3. Pledge of Allegiance 4. Executive Report — Chief Investment Officer Briefing — Yu (Ben) Meng 5. Action Consent Items — Yu (Ben) Meng a. Approval of the November 18, 2019 Investment Committee Open Session Meeting Minutes 6. Information Consent Items — Yu (Ben) Meng a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Monthly Update — Performance and Risk d. Monthly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) g. Report to the California Legislature — California Public Divest from Iran and Sudan Act Compliance h. Report to the California Legislature — Holocaust Era and Northern Ireland i. Public Report — Climate-Related Financial Risk (SB 964) j. Responsible Contractor Program Policy Annual Report 7. Action Agenda Item — Policy & Delegation a. Private Asset Class Program Policy Revisions — Second Reading — Kit Crocker 8. Information Agenda Item — Total Fund a. Consultant Review of CalPERS Divestments — Steve Foresti, Wilshire Associates 9. Investment Education Workshop #4 a. Private Markets Workshop — Anne Simpson and Von M. Hughes, PAAMCO Prisma 10. Summary of Committee Direction — Yu (Ben) Meng 11. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items — Yu (Ben) Meng a. Approval of the November 18, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Yu (Ben) Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items — Total Fund a. Investment Strategy: The 7% Challenge — Yu (Ben) Meng b. Total Fund Benchmark Update — Eric Baggesen 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz and Sarah Corr b. Real Assets — Paul Mouchakkaa c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Beth Richtman h. Research and Strategy Group — Kevin Winter 6. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA March 16, 2020 8:45 a.m. Or upon adjournment of the Closed Session – Whichever is later Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Henry Jones Lisa Middleton David Miller Stacie Olivares Jason Perez Ramon Rubalcava Betty Yee Open Session 8:45 a.m. Or upon adjournment of the Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Pledge of Allegiance 3. Election of the Chair and Vice Chair Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items — Yu (Ben) Meng a. Approval of the December 16, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Yu (Ben) Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items — Total Fund a. Investment Strategy: Toward a 7% Solution — Yu (Ben) Meng, Dan Bienvenue, Jean Hsu b. Strategic Direction on Legacy Assets — Steve McCourt, Meketa Investment Group c. Global Equity Capitalization Weighted Benchmark Modifications — Eric Baggesen 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz and Sarah Corr b. Real Assets — Paul Mouchakkaa c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Beth Richtman h. Research and Strategy Group — Kevin Winter 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment or Recess of Closed Session 4. Call to Order and Roll Call 5. Approval of the March 16, 2020 Investment Committee Timed Agenda 6. Executive Report — Chief Investment Officer Briefing — Yu (Ben) Meng 7. Action Consent Items — Yu (Ben) Meng a. Approval of the December 16, 2019 Investment Committee Open Session Meeting Minutes b. Review of the Investment Committee Delegation 8. Information Consent Items — Yu (Ben) Meng a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance 9. Information Agenda Items — Total Fund a. CalPERS Trust Level Review – Consultant Report — Andrew Junkin, Wilshire Associates Consulting; Steve McCourt, Meketa Investment Group b. CalPERS Trust Level Review — Yu (Ben) Meng c. Proxy Voting and Corporate Engagements Update — Dan Bienvenue, Simiso Nzima 10. Summary of Committee Direction — Yu (Ben) Meng 11. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be considered by the Board. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings.
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA April 20, 2020 8:45 a.m. Or upon adjournment of the Closed Session – Whichever is later Committee Members Rob Feckner, Chair Theresa Taylor, Vice Chair Henry Jones Lisa Middleton David Miller Stacie Olivares Jason Perez Ramon Rubalcava Betty Yee Open Session 8:45 a.m. Or upon adjournment of the Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Pledge of Allegiance 3. Election of the Chair and Vice Chair Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items — Yu (Ben) Meng a. Approval of the December 16, 2019 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Yu (Ben) Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items — Total Fund a. Investment Strategy: Toward a 7% Solution — Yu (Ben) Meng, Dan Bienvenue, Jean Hsu b. Strategic Direction on Legacy Assets — Steve McCourt, Meketa Investment Group 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz and Sarah Corr b. Real Assets — Paul Mouchakkaa c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Beth Richtman h. Research and Strategy Group — Kevin Winter 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment or Recess of Closed Session 4. Call to Order and Roll Call 5. Approval of the April 20, 2020 Investment Committee Timed Agenda 6. Executive Report — Chief Investment Officer Briefing — Yu (Ben) Meng 7. Action Consent Items — Yu (Ben) Meng a. Approval of the December 16, 2019 Investment Committee Open Session Meeting Minutes b. Review of the Investment Committee Delegation 8. Information Consent Items — Yu (Ben) Meng a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance 9. Action Agenda Item — Independent Oversight a. Contracts Administration: General Pension Board Investment Consultant: Key Person Change — Dan Bienvenue, Matt Flynn 10. Information Agenda Items — Total Fund a. CalPERS Trust Level Review – Consultant Report — Andrew Junkin, Wilshire Associates Consulting; Steve McCourt, Meketa Investment Group b. CalPERS Trust Level Review — Yu (Ben) Meng c. Proxy Voting and Corporate Engagements Update — Dan Bienvenue, Simiso Nzima 11. Summary of Committee Direction — Yu (Ben) Meng 12. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. 5. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference,
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA June 15, 2020 8:45 a.m. Or upon adjournment of the Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Rob Feckner Henry Jones Lisa Middleton Stacie Olivares Jason Perez Ramon Rubalcava Betty Yee Open Session 8:45 a.m. Or upon adjournment of the Closed Session – Whichever is later Item 1. Call to Order and Roll Call Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items — Yu (Ben) Meng a. Approval of the April 20, 2020 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Yu (Ben) Meng a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items — Total Fund a. Investment Strategy: Toward a 7% Solution — Yu (Ben) Meng b. Strategic Direction on Legacy Assets — Steve McCourt, Meketa Investment Group 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz and Sarah Corr b. Real Assets — Mike Inglett c. Global Equity — Dan Bienvenue d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Anne Simpson h. Research and Strategy Group — Kevin Winter 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment or Recess of Closed Session 2. Call to Order and Roll Call 3. Approval of the June 15, 2020 Investment Committee Timed Agenda 4. Executive Report — Chief Investment Officer Briefing — Yu (Ben) Meng 5. Action Consent Items — Yu (Ben) Meng a. Approval of the April 20, 2020 Investment Committee Open Session Meeting Minutes 6. Information Consent Items — Yu (Ben) Meng a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 7. Information Agenda Item — Policy & Delegation a. Revision of the Total Fund Investment Policy – First Reading — Dan Bienvenue, Kit Crocker 8. Information Agenda Items — Total Fund a. ALM Mid-Cycle Review — Eric Baggesen, Christine Reese, Dianne Sandoval b. CalPERS Consultant Public Fund Universe Report — Tom Toth, Wilshire Associates c. CalPERS’ Investment Strategy on Climate Change: First Report in Response to the Task Force on Climate-Related Financial Disclosure (TCFD) — Anne Simpson, Divya Mankikar 9. Summary of Committee Direction — Yu (Ben) Meng 10. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. 5. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings September 14, 2020 8:45 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Rob Feckner Henry Jones Lisa Middleton Stacie Olivares Jason Perez Ramon Rubalcava Betty Yee Open Session 8:45 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the September 14, 2020 Investment Committee Timed Agenda 3. Executive Report — Interim Chief Investment Officer Briefing — Dan Bienvenue 4. Action Consent Item — Dan Bienvenue a. Approval of the June 15, 2020 Investment Committee Open Session Meeting Minutes 5. Information Consent Items — Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 6. Information Agenda Items — Total Fund a. CalPERS Trust Level Review and Annual Program Reviews — Dan Bienvenue, Eric Baggesen, Steve Carden, Arnie Phillips, Jean Hsu, Greg Ruiz, Sarah Corr b. CalPERS Trust Level Review and Annual Program Reviews – Consultant Report — Tom Toth, Wilshire Associates; Steve Hartt, Christy Fields, Meketa Investment Group c. Review of Survey Results of Board Investment Consultants — Kristin LaMantia d. Long Term Care: Asset Allocation — Don Moulds, Eric Baggesen, and Christine Reese 7. Summary of Committee Direction — Dan Bienvenue 8. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Dan Bienvenue a. Approval of the June 15, 2020 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Item a. Trust Level Review and Annual Program Reviews — Eric Baggesen 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Arnie Phillips d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Eric Baggesen g. Sustainable Investments — Anne Simpson h. Research and Strategy Group — Kevin Winter 6. Interim Chief Investment Officer — Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. 5. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings November 16, 2020 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Margaret Brown Rob Feckner Henry Jones Fiona Ma Lisa Middleton Stacie Olivares Eraina Ortega Jason Perez Ramon Rubalcava Shawnda Westly Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Dan Bienvenue a. Approval of the September 14, 2020 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Item – Total Fund a. Long-Term Care: Asset Allocation — Don Moulds, Sterling Gunn and Christine Reese 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Arnie Phillips d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — Anne Simpson h. Research and Strategy Group — Kevin Winter 6. Interim Chief Investment Officer — Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session Upon adjournment of the Closed Session 2. Call to Order and Roll Call 3. Approval of the November 16, 2020 Investment Committee Timed Agenda 4. Executive Report — Interim Chief Investment Officer Briefing — Dan Bienvenue 5. Action Consent Item — Dan Bienvenue a. Approval of the September 14, 2020 Investment Committee Open Session Meeting Minutes 6. Information Consent Items — Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) g. Report to the California Legislature — California Public Divest from Iran and Sudan Act Compliance h. Report to the California Legislature — Holocaust Era and Northern Ireland i. CalPERS for California Report 7. Action Items — Total Fund a. Long-Term Care: Asset Allocation and Discount Rate — Don Moulds, Scott Terando, Sterling Gunn and Christine Reese b. Review of the Investment Committee Delegation — Anne Simpson 8. Information Items — Total Fund a. Tracking Error as a Risk Management tool at CalPERS — Michael Krimm b. Consultant Review of CalPERS Divestments — Daniel Ingram, Wilshire Associates c. Climate Change Risk Strategy — Anne Simpson and Divya Mankikar d. Responsible Contractor Policy Program Annual Report — Anne Simpson and James Andrus 9. Action Item — Independent Oversight a. Wilshire Ownership Transition — Matt Jacobs 10. Summary of Committee Direction — Dan Bienvenue 11. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. 4. Board Members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. 5. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings February 16, 2021 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Margaret Brown Rob Feckner Henry Jones Fiona Ma Lisa Middleton Stacie Olivares Eraina Ortega Jason Perez Ramon Rubalcava Shawnda Westley Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Election of the Investment Committee Chair and Vice Chair Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Information Items — Total Fund a. Global Equity Benchmark — Steve Carden b. Private Equity Strategic Review — Greg Ruiz Open Session Upon Adjournment or Recess of Closed Session – Whichever is later Item 3. Call to Order and Roll Call 4. Approval of the February 16, 2021 Investment Committee Timed Agenda 5. Executive Report — Interim Chief Investment Officer Briefing — Dan Bienvenue 6. Action Consent Item — Dan Bienvenue a. Review of the Investment Committee Delegation 7. Information Item — Total Fund a. Financial Markets and Economics Update — Lauren Rosborough Watt 8. Information Item — Foundational Elements of Asset Liability Management a. Asset Liability Management: Timeline, Concepts, and Framework — Sterling Gunn, Christine Reese 9. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. 4. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings March 15, 2021 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Margaret Brown Rob Feckner Henry Jones Fiona Ma Lisa Middleton Stacie Olivares Eraina Ortega Jason Perez Ramon Rubalcava Shawnda Westly Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items — Dan Bienvenue a. Approval of the November 16, 2020 Investment Committee Closed Session Meeting Minutes b. Approval of the February 16, 2021 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Items – Total Fund a. Private Equity Strategic Review — Greg Ruiz b. Long-Term Care: Asset Allocation — Sterling Gunn and Christine Reese 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Arnie Phillips d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — Anne Simpson h. Research and Strategy Group — Sterling Gunn 6. Interim Chief Investment Officer — Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment or Recess of Closed Session – Whichever is later Item 2. Call to Order and Roll Call 3. Approval of the March 15, 2021 Investment Committee Timed Agenda 4. Executive Report — Interim Chief Investment Officer Briefing — Dan Bienvenue 5. Action Consent Items — Dan Bienvenue a. Approval of the November 16, 2020 Investment Committee Open Session Meeting Minutes b. Approval of the February 16, 2021 Investment Committee Open Session Meeting Minutes 6. Information Consent Items – Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance 7. Action Item – Total Fund a. Long-Term Care: Asset Allocation — Sterling Gunn and Christine Reese 8. Information Items — Total Fund a. Asset Liability Management: Risk Concepts and Examples — Sterling Gunn and Christine Reese b. CalPERS Trust Level Review – Consultant Report — Tom Toth, Wilshire Associates Consulting; Steve McCourt, Meketa Investment Group c. CalPERS Trust Level Review — Dan Bienvenue, Arnie Phillips, Lauren Rosborough Watt d. Proxy Voting and Corporate Engagements Update — Simiso Nzima and Anne Simpson 9. Action Item — Total Fund a. Five-Year Divestment Review — Christine Gogan 10. Summary of Committee Direction — Dan Bienvenue 11. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. 4. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings June 14, 2021 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Margaret Brown Rob Feckner Henry Jones Fiona Ma Lisa Middleton Stacie Olivares Eraina Ortega Jason Perez Ramon Rubalcava Shawnda Westly Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the June 14, 2021 Investment Committee Timed Agenda 3. Executive Report — Interim Chief Investment Officer Briefing — Dan Bienvenue 4. Action Consent Item — Dan Bienvenue a. Approval of the March 15, 2021 Investment Committee Open Session Meeting Minutes 5. Information Consent Items — Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 6. Action Item — Policy & Delegation a. Long-Term Care Investment Policy Update — Christine Reese 7. Information Items — Total Fund a. Current Market Environment — Kareem Raymond, Goldman Sachs b. Total Fund and Affiliate Fund Policy Updates — Arnie Phillips, Christine Gogan, Michael Krimm c. Sustainable Investment Five Year Strategy Plan Progress Report — Anne Simpson 8. Summary of Committee Direction — Dan Bienvenue 9. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Dan Bienvenue a. Approval of the March 15, 2021 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Arnie Phillips d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — Anne Simpson h. Research and Strategy Group — Sterling Gunn 5. Interim Chief Investment Officer — Personnel, Employment and Performance 6. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. 4. In accordance with Executive Orders N-29-20, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.
Investment Committee Meeting Agenda Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings September 13, 2021 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Margaret Brown Rob Feckner Henry Jones Fiona Ma Lisa Middleton Stacie Olivares Eraina Ortega Ramon Rubalcava Shawnda Westly Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Dan Bienvenue a. Approval of the June 14, 2021 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Items — Total Fund a. Private Equity Strategic Plan — Greg Ruiz b. Asset Liability Management: Strategic Asset Allocation Investment Strategy — Sterling Gunn 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Arnie Phillips d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — Anne Simpson h. Research and Strategy Group — Sterling Gunn 6. Interim Chief Investment Officer — Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session Upon adjournment or Recess of the Investment Committee Closed Session 2. Approval of the September 13, 2021 Investment Committee Timed Agenda 3. Executive Report — Interim Chief Investment Officer Briefing — Dan Bienvenue 4. Action Consent Item — Dan Bienvenue a. Approval of the June 14, 2021 Investment Committee Open Session Meeting Minutes 5. Information Consent Items — Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 6. Action Item — Policy & Delegation a. Total Fund and Affiliate Fund Policy Updates — Arnie Phillips, Christine Gogan 7. Action Item — Total Fund a. Asset Liability Management: Adoption of Capital Market Assumptions — Sterling Gunn 8. Information Items — Total Fund a. Asset Liability Management: Discussion of Candidate Portfolios — Sterling Gunn b. CalPERS Trust Level Review and Annual Program Reviews — Dan Bienvenue, Arnie Phillips, Jean Hsu, Greg Ruiz, Sarah Corr, Lauren Rosborough Watt c. CalPERS Trust Level Review and Annual Program Reviews – Consultant Report — Tom Toth, Wilshire Associates; Steve McCourt, Meketa Investment Group 9. Summary of Committee Direction — Dan Bienvenue 10. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. 4. In accordance with Executive Orders N-08-21, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 15, 2021 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members Theresa Taylor, Chair David Miller, Vice Chair Margaret Brown Rob Feckner Henry Jones Fiona Ma Lisa Middleton Stacie Olivares Eraina Ortega Ramon Rubalcava Shawnda Westley Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Dan Bienvenue a. Approval of the September 13, 2021 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Item — Total Fund a. Asset Liability Management: Strategic Asset Allocation Investment Strategy — Sterling Gunn 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Simiso Nzima d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — Anne Simpson 6. Interim Chief Investment Officer — Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session 9:15 a.m. Or upon adjournment or Recess of Investment Committee Closed Session Item 3. Approval of the November 15, 2021 Investment Committee Timed Agenda 4. Executive Report — Interim Chief Investment Officer Briefing — Dan Bienvenue 5. Action Consent Item — Dan Bienvenue a. Approval of the September 13, 2021 Investment Committee Open Session Meeting Minutes 6. Information Consent Items — Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the Next Investment Committee Meeting c. Quarterly Update — Performance and Risk d. Quarterly Update — Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Reports on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) g. Report to the California Legislature – California Public Divest from Iran and Sudan Act Compliance h. Report to the California Legislature – Holocaust Era and Northern Ireland i. CalPERS for California Report 7. Action Agenda Items — Total Fund a. Asset Liability Management: Adoption of Affiliate Funds’ Capital Market Assumptions — Sterling Gunn, Christine Reese b. Asset Liability Management: Public Employees Retirement Fund Policy Portfolio and Discount Rate Selection — Sterling Gunn, Scott Terando, Christine Reese 8. Information Agenda Item — Independent Oversight a. Review of Survey Results of Board Investment Consultants — Kristin LaMantia 9. Summary of Committee Direction — Dan Bienvenue Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105.
Investment Committee Meeting Agenda CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 16, 2021 10:00 a.m. Or upon adjournment of the Finance & Administration Committee – Whichever is later Committee Members Theresa Taylor, Chair Henry Jones Eraina Ortega David Miller, Vice Chair Fiona Ma Ramon Rubalcava Margaret Brown Lisa Middleton Shawnda Westley Rob Feckner Stacie Olivares Betty Yee Open Session 10:00 a.m. Or upon adjournment of the Finance & Administration Committee – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the November 16, 2021 Investment Committee Timed Agenda 3. Information Agenda Items — Total Fund a. Emerging Manager Program Review — Anne Simpson and Clinton Stevenson b. Responsible Contractor Program Policy Annual Report — Anne Simpson and James Andrus 4. Public Comment Notes 1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. 2. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. 3. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit. 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105.
Investment Committee Meeting Agenda Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11133 (added by Stats. 2021, ch. 165, § 2) and Executive Order N-1-22, Board members may participate via videoconference. Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings February 15, 2022 9:00 a.m. Committee Members Theresa Taylor, Chair David Miller, Vice Chair Rob Feckner Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Ramon Rubalcava Shawnda Westly Betty Yee Open Session 9:00 a.m. Item 1. Call to Order and Roll Call 2. Election of the Chair and Vice Chair 3. Approval of the February 15, 2022 Investment Committee Timed Agenda 4. Executive Report – Interim Chief Investment Officer Briefing – Dan Bienvenue 5. Action Consent Items – Dan Bienvenue a. Approval of the November 15, 2021 Investment Committee Open Session Meeting Minutes b. Approval of the November 16, 2021 Investment Committee Open Session Meeting Minutes 6. Information Consent Items – Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the March 14, 2022 Investment Committee Meeting 7. Information Agenda Items a. CalPERS Trust Level Review – Consultant Report — Tom Toth, Wilshire Associates Consulting; Steve McCourt, Meketa Investment Group b. CalPERS Trust Level Review — Dan Bienvenue, Arnie Phillips, Lauren Rosborough Watt c. Proxy Voting and Corporate Engagements Update — Simiso Nzima d. Summary of Committee Direction – Dan Bienvenue e. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Dan Bienvenue a. Approval of the November 15, 2021 Investment Committee Closed Session Meeting Minutes 3. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Simiso Nzima d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — James Andrus 4. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants
Investment Committee Meeting Agenda Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA March 14, 2022 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members David Miller, Chair Rob Feckner, Vice Chair Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Ramon Rubalcava Theresa Taylor Shawnda Westly Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Approval of the March 14, 2022 Investment Committee Timed Agenda 3. Information Agenda Item a. Emerging Markets Panel – Arnie Philips; Axel Christensen, Blackrock, Inc.; Greg G. Olafson, Goldman Sachs; Pramol Dhawan, PIMCO Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16),(e), and (g)(1)) Item 1. Call to Order and Roll Call 2. Action Consent Items – Dan Bienvenue a. Approval of the February 15, 2022 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items – Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Item a. New Asset Class Benchmarks — Ali Kazemi, Wilshire Associates b. Asset Liability Management: Public Employees’ Retirement Fund Implementation — Sterling Gunn, Michael Krimm 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Simiso Nzima d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — James Andrus 6. Interim Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item — Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment or Recess of Investment Committee Closed Session Item 4. Executive Report – Interim Chief Investment Officer Briefing – Dan Bienvenue 5. Action Consent Items – Dan Bienvenue a. Approval of the February 15, 2022 Investment Committee Open Session Meeting Minutes b. Review of the Investment Committee Delegation 6. Information Consent Items – Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the June 13, 2022 Investment Committee Meeting c. Quarterly Update – Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance 7. Action Agenda Items a. Selection of Private Debt Board Consultant — Matt Flynn b. Asset Liability Management: Affiliate Funds - Health, Defined Benefit, and Pre-Funding Trusts — Sterling Gunn and Christine Reese 8. Information Agenda Items a. Revisions to the Total Fund and Global Fixed Income Policies – First Reading — Amy Deming, Michael Krimm b. Summary of Committee Direction – Dan Bienvenue c. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 8. Information Agenda Item a. Asset Liability Management: Public Employees’ Retirement Fund Implementation — Sterling Gunn
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA June 13, 2022 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members David Miller, Chair Rob Feckner, Vice Chair Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Ramon Rubalcava Theresa Taylor Mullissa Willette Betty Yee Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Executive Report – Chief Investment Officer Briefing — Nicole Mussico 3. Action Consent Items — Nicole Musicco a. Approval of the June 13, 2022 Investment Committee Timed Agenda b. Approval of the March 14, 2022 Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Nicole Musicco a. Annual Calendar Review b. Draft Agenda for the September 19, 2022 Investment Committee Meeting c. Quarterly Update – Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 5. Action Agenda Items a. Asset Liability Management: Affiliate Funds – Supplemental Income Plans — Sterling Gunn, Christine Reese b. Revisions to the Total Fund Policy and Global Fixed Income Policies – Second Reading — Amy Deming, Michael Krimm 6. Information Agenda Items a. Market Dynamics and Portfolio Implications — Simiso Nzima, Sarah Corr, Michael Krimm, Louis Zahorak, Lauren Rosborough Watt b. Investment Strategy – First 90 Days — Nicole Musicco c. Summary of Committee Direction — Nicole Musicco d. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Nicole Musicco a. Approval of the March 14, 2022 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Nicole Musicco a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees c. Change of Data Provider for Segment 2 Benchmark — Ali Kazemi, Wilshire Associates 4. Information Agenda Items a. Investment Strategy – First 90 Days — Nicole Musicco b. Asset Liability Management: Implementation — Sterling Gunn, Christine Reese c. Private Equity Investment Strategy — Greg Ruiz 5. Information Agenda Items — External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Simiso Nzima d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — James Andrus 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Pursuant to California Government Code section 11133 (added by Stats. 2022, ch. 48, § 20) , Board members may participate via teleconference. CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA September 19, 2022 8:45 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Committee Members David Miller, Chair Rob Feckner, Vice Chair Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Ramon Rubalcava Theresa Taylor Mullissa Willette Gail Willis Betty Yee Open Session 8:45 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Executive Report – Chief Investment Officer Briefing — Nicole Musicco 3. Action Consent Items — Nicole Musicco a. Approval of the September 19, 2022 Investment Committee Timed Agenda b. Approval of the June 13, 2022 Investment Committee Open Session Meeting Minutes c. Board of Administration Investment Consultants Request for Proposal 4. Information Consent Items — Nicole Musicco a. Annual Calendar Review b. Draft Agenda for the November 14, 2022 Investment Committee Meeting c. Quarterly Update – Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Supplemental Income Plans: Strategic Asset Allocation Implementation Update 5. Information Agenda Items a. Investment Performance Review and Strategy— Nicole Musicco b. Revisions to the Total Fund Policies – Private Asset Classes – First Reading — Nicole Musicco, Greg Ruiz, Sarah Corr, Amy Deming c. CalPERS Trust Level Review and Annual Program Reviews — Nicole Musicco, Dan Bienvenue, Simsio Nzima, Arnie Phillips, Jean Hsu, Greg Ruiz, Sarah Corr, Lauren Rosborough Watt d. CalPERS Trust Level Review Consultant Report and Annual Program Reviews — Tom Toth, Wilshire Associates; Steve McCourt, Meketa Investment Group e. Summary of Committee Direction — Nicole Musicco f. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Nicole Musicco a. Approval of the June 13, 2022 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Nicole Musicco a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Investment Performance Review and Strategy — Nicole Musicco b. Strategic Asset Allocation Implementation Update — Dan Bienvenue 5. Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Equity — Simiso Nzima d. Global Fixed Income — Arnie Phillips e. Opportunistic — Jean Hsu f. Trust Level Portfolio Management — Sterling Gunn g. Sustainable Investments — James Andrus 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon adjournment of Closed Session 1. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Pursuant to California Government Code section 11133 (added by Stats. 2022, ch. 48, § 20), Board members may participate via teleconference. CalPERS Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 14, 2022 9:15 a.m. Or upon Adjournment or Recess of the Board Closed Session – Whichever is later Committee Members David Miller, Chair Rob Feckner, Vice Chair Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Ramon Rubalcava Theresa Taylor Mullissa Willette Gail Willis Betty Yee Open Session 9:15 a.m. Or upon Adjournment or recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Executive Report – Chief Investment Officer Briefing — Nicole Musicco 3. Action Consent Items — Nicole Musicco a. Approval of the November 14, 2022 Investment Committee Timed Agenda b. Approval of the September 19, 2022 Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Nicole Musicco a. Annual Calendar Review b. Draft Agenda for the March 13, 2023 Investment Committee Meeting c. Quarterly Update – Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) g. Report to the California Legislature: Iran h. Report to the California Legislature: Northern Ireland i. CalPERS for California Report 5. Action Agenda Items a. Revisions to the Total Fund Policies – Private Asset Classes – Second Reading — Amy Deming b. Assembly Bill 890: Diversity in the Management of Investments 2021-22 Fiscal Year Report — James Andrus 6. Information Agenda Items a. CalPERS’ Response to the Taskforce on Climate-Related Financial Disclosure (TCFD) and Senate Bill 964 — James Andrus, Travis Antoniono b. Consultant Review of CalPERS Divestments — Steve Foresti; Wilshire Advisors c. Liquidity Management — Irene Rodriguez, Michael Krimm d. Responsible Contractor Policy — Tamara Sells e. Summary of Committee Direction — Nicole Musicco f. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Nicole Musicco a. Approval of the September 19, 2022 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Nicole Musicco a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Strategic Asset Allocation Implementation Update — Dan Bienvenue b. Private Equity Investment Strategy — Greg Ruiz 5 . Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity — Greg Ruiz b. Real Assets — Sarah Corr c. Global Public Equity — Simiso Nzima d. Global Fixed Income — Arnie Phillips e. Private Debt — Jean Hsu f. Total Fund Portfolio Management — Sterling Gunn g. Sustainable Investing — James Andrus 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session 7. Adjournment of the Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Pursuant to California Government Code section 11133 (added by Stats. 2022, ch. 48, § 20), Board members may participate via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA March 13, 2023 9:15 a.m. Committee Members David Miller, Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramon Rubalcava Theresa Taylor Yvonne Walker Mullissa Willette Gail Willis Open Session 9:15 a.m. Or upon adjournment or Recess of the Board Closed Session – Whichever is later Item 1. Call to Order and Roll Call 2. Election of the Chair and Vice Chair 3. Executive Report – Chief Investment Officer Briefing — Nicole Musicco 4. Action Consent Items — Nicole Musicco a. Approval of the March 13, 2023 Investment Committee Timed Agenda b. Approval of the November 14, 2022 Investment Committee Open Session Meeting Minutes 5. Information Consent Items — Nicole Musicco a. Annual Calendar Review b. Draft Agenda for the June 20, 2023 Investment Committee Meeting c. Quarterly Update – Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance 6. Information Agenda Items a. Global Real Estate Sustainability Benchmark — Sarah Corr b. Proxy Voting and Corporate Engagements Update — Simiso Nzima, Drew Hambly c. CalPERS Trust Level Review – Consultant Report — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group d. CalPERS Trust Level Review — Nicole Musicco e. Portfolio Strategy Update — Sterling Gunn f. Private Debt Investment Update — Jean Hsu g. Summary of Committee Direction — Nicole Musicco h. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16),(e), and (g)(1)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Nicole Musicco a. Approval of the November 14, 2022 Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Nicole Musicco a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported 2. Items Completed Under Delegated Authority 3. Investment Proposal Status Reports b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Portfolio Strategy Update — Sterling Gunn b. Strategic Asset Allocation Implementation Update — Dan Bienvenue c. Private Debt Investment Strategy — Jean Hsu 5 . Information Agenda Items – External Manager and Investment Decision Updates a. Private Equity — Anton Orlich b. Real Assets — Sarah Corr c. Global Public Equity — Simiso Nzima d. Global Fixed Income — Arnie Phillips e. Private Debt — Jean Hsu f. Total Fund Portfolio Management — Sterling Gunn g. Sustainable Investing — James Andrus h. Opportunistic/Other 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon adjournment of Closed Session 7. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs., tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11133 (added by Stats. 2022, ch. 48, § 20), Board members may participate via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA June 20, 2023 9:15 a.m. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramon Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 9:15 a.m. Or upon adjournment or Recess of the Board of Administration – Whichever is later Item 1. Call to Order and Roll Call 2. Executive Report – Chief Investment Officer Briefing — Nicole Musicco 3. Action Consent Items — Nicole Musicco a. Approval of the June 20, 2023, Investment Committee Timed Agenda b. Approval of the March 13, 2023, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Nicole Musicco a. Annual Calendar Review b. Draft Agenda for the September 18, 2023, Investment Committee Meeting c. Quarterly Update – Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 5. Action Agenda Item a. Revisions to the CalPERS Investment Policy for Insider Trading — Amy Deming 6. Information Agenda Items a. Current Trends in Investing and Sustainability — Nicole Musicco, Mark Carney (9:30 am TIME CERTAIN) b. Investment Office 2022-23 Strategic Initiatives Update — Nicole Musicco c. Quarterly Chief Investment Officer Report — Nicole Musicco d. Private Equity Annual Program Review — Anton Orlich e. Real Assets Annual Program Review — Sarah Corr f. Introduction to Risk Budgeting Strategy – Sterling Gunn, Michael Krimm g. Summary of Committee Direction — Nicole Musicco h. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Nicole Musicco a. Approval of the March 13, 2023, Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Nicole Musicco a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Private Equity Program Strategy — Anton Orlich b. Real Assets Program Strategy — Sarah Corr c. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Jean Hsu 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investing — Peter Cashion 8. Opportunistic/Other 5. Chief Investment Officer – Personnel, Employment and Performance 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon adjournment of Closed Session 7. Adjournment of the Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs., tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA Executive Conference Room Junipero Serra State Building 320 West 4th Street, 1 st Floor Los Angeles, CA September 18, 2023 8:45 a.m. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramón Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 8:45 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report – Chief Investment Officer Briefing — Nicole Musicco 3. Action Consent Items — Nicole Musicco a. Approval of the September 18, 2023, Investment Committee Timed Agenda b. Approval of the June 20, 2023, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Nicole Musicco a. Annual Calendar Review b. Draft Agenda for the November 13, 2023, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 5. Information Agenda Items a. Revisions to the Total Fund Policy: Governance and Sustainability Principles – First Reading — Peter Cashion, Tamara Sells b. CalPERS Trust Level Review — Nicole Musicco c. CalPERS Trust Level Review Consultant Report — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group d. Global Fixed Income Annual Program Review — Arnie Phillips e. Global Public Equity Annual Program Review — Simiso Nzima f. Summary of Committee Direction — Nicole Musicco g. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)) Item 1. Call to Order and Roll Call 2. Action Consent Item — Nicole Musicco a. Approval of the June 20, 2023, Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Nicole Musicco a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Strategic Discussion of Existing and Future Environmental, Social and Governance Integration — Peter Cashion, Tamara Sells b. Global Fixed Income Program Strategy — Arnie Phillips c. Global Public Equity Program Strategy — Simiso Nzima d. Investment Pipeline and Activity Report 4d1. Private Equity — Anton Orlich 4d2. Real Assets — Sarah Corr 4d3. Global Public Equity — Simiso Nzima 4d4. Global Fixed Income — Arnie Phillips 4d5. Private Debt — Jean Hsu 4d6. Total Fund Portfolio Management — Sterling Gunn 4d7. Sustainable Investing — Peter Cashion 4d8. Opportunistic/Other 5. Chief Investment Officer – Personnel, Employment and Performance 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session 6. Adjournment of the Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11133 (added by Stats. 2023, ch. 196, § 6), Board members may participate via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 13, 2023 8:45 a.m. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramón Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 8:45 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report – Interim Chief Investment Officer Briefing — Dan Bienvenue 3. Action Consent Items — Dan Bienvenue a. Approval of the November 13, 2023, Investment Committee Timed Agenda b. Approval of the September 18, 2023, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the March 11, 2024, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) g. Report to the California Legislature: Iran h. Report to the California Legislature: Northern Ireland i. CalPERS for California Report 5. Action Agenda Items a. Revisions to the CalPERS Investment Policy for Insider Trading – Second Reading — Amy Deming b. Revisions to the Total Fund Policy: Governance and Sustainability Principles – Second Reading — Peter Cashion, Tamara Sells c. Emerging and Diverse Manager Report to the Legislature (AB 890) — Peter Cashion 6. Information Agenda Items a. Quarterly Chief Investment Officer Report — Dan Bienvenue b. Mid-Cycle Public Employees’ Retirement Fund Asset Liability Management Review — Scott Terando, Michele Nix, Sterling Gunn c. Total Fund Portfolio Management Annual Program Review — Sterling Gunn d. CalPERS Sustainable Investments 2030 Strategy — Peter Cashion e. Responsible Contractor Policy Annual Review — Tamara Sells f. Consultant Review of CalPERS Divestments — Lauren Gellhaus, Wilshire Advisors g. Summary of Committee Direction — Dan Bienvenue h. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Action Consent Item — Dan Bienvenue a. Approval of the September 18, 2023, Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Implementation of the Strategic Asset Allocation — Sterling Gunn, Anton Orlich b. Implementation of CalPERS Sustainable Investments 2030 Strategy — Daniel Booth, Peter Cashion, Simiso Nzima c. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Jean Hsu 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investing — Peter Cashion 8. Opportunistic/Other — Daniel Booth 5. Chief Investment Officer – Personnel, Employment and Performance 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 7. Adjournment of the Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11133 (added by Stats. 2023, ch. 196, § 6), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA March 18, 2024 9:15 a.m. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramón Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Election of the Chair and Vice Chair 3. Executive Report – Interim Chief Investment Officer Briefing — Dan Bienvenue 4. Action Consent Items — Dan Bienvenue a. Approval of the March 18, 2024, Investment Committee Timed Agenda b. Approval of the November 13, 2023, Investment Committee Open Session Meeting Minutes c. Review of the Investment Committee Delegation 5. Information Consent Items — Dan Bienvenue a. Annual Calendar Review b. Draft Agenda for the June 10, 2024, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance 6. Action Agenda Item a. Mid-Cycle Public Employees’ Retirement Fund Asset Liability Management Review — Scott Terando, Michele Nix, Sterling Gunn 7. Information Agenda Items a. CalPERS Trust Level Review Consultant Report — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group b. CalPERS Trust Level Review — Dan Bienvenue, Lauren Rosborough Watt c. Proxy Voting and Corporate Engagement Update — Drew Hambly d. Total Fund Policy Review – First Reading — Amy Deming e. Policy Changes for Responsible Contractor Policy – First Reading — Sarah Corr, Tamara Sells f. Summary of Committee Direction — Dan Bienvenue g. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Action Consent Item — Dan Bienvenue a. Approval of the November 13, 2023, Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Dan Bienvenue a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Strategic Asset Allocation Implementation — Sterling Gunn, Michael Krimm b. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Jean Hsu 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investments — Peter Cashion 8. Opportunistic/Other — Daniel Booth 5. Interim Chief Investment Officer – Personnel, Employment and Performance 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 8. Adjournment of the Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA June 10, 2024 8:45 a.m. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramón Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 8:45 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report — Marcie Frost 3. Action Consent Items — Marcie Frost a. Approval of the June 10, 2024, Investment Committee Timed Agenda b. Approval of the March 18, 2024, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Marcie Frost a. Annual Calendar Review b. Draft Agenda for the September 16, 2024, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 5. Information Agenda Items a. Trust-Level Review, Interim Quarter — Michael Krimm, Lauren Rosborough Watt b. Private Equity Annual Program Review — Anton Orlich c. Private Debt Annual Program Review — Jean Hsu d. Real Assets Annual Program Review — Sarah Corr e. Implementation of Labor Principles — Peter Cashion, Tamara Sells 6. Action Agenda Items a. Asset Liability Management Mid-Cycle Review: Affiliate Funds — Christine Reese b. Total Fund Policy Review – Second Reading — Amy Deming c. Policy Changes for Responsible Contractor Policy – Second Reading — Sarah Corr, Tamara SellsConsidered by committee but no action taken 7. Information Agenda Items a. Summary of Committee Direction — Amy Deming b. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Action Consent Item — Marcie Frost a. Approval of the March 18, 2024, Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Marcie Frost a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 4. Action Agenda Item a. Sustainable Investments 2030 Update, Global Public Equity Climate Strategy and Global Public Equity Climate Strategy Benchmark — Peter Cashion; Simiso Nzima; Tom Toth, Wilshire Advisors; Ali Kazemi, Wilshire Advisors; Lauren Gellhaus, Wilshire Advisors 5. Information Agenda Items a. Private Equity Program Strategy — Anton Orlich b. Private Debt Program Strategy — Jean Hsu c. Real Assets Program Strategy — Sarah Corr d. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Jean Hsu 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investments — Peter Cashion 8. Opportunistic/Other — Daniel Booth 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 8. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA September 16, 2024 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramón Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report – Chief Investment Officer Briefing — Stephen Gilmore 3. Action Consent Items — Stephen Gilmore a. Approval of the September 16, 2024, Investment Committee Timed Agenda b. Approval of the June 10, 2024, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the November 18, 2024, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 5. Action Agenda Item a. Mid-Cycle Asset Liability Management Review: Long Term Care — Don Moulds, Fritzie Archuleta, Christine Reese 6. Information Agenda Items a. CalPERS Trust Level Review — Stephen Gilmore, Lauren Rosborough Watt b. CalPERS Trust Level Review Consultant Report — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group c. Global Fixed Income Annual Program Review — Arnie Phillips d. Global Public Equity Annual Program Review — Simiso Nzima e. Investment Office Strategic Initiatives — Stephen Gilmore, Michael Cohen f. Summary of Committee Direction — Michael Cohen g. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Chief Investment Officer Executive Report – Investment Strategy — Stephen Gilmore 3. Action Consent Item — Stephen Gilmore a. Approval of the June 10, 2024, Investment Committee Closed Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 5. Information Agenda Items a. Global Fixed Income Program Strategy — Arnie Phillips b. Global Public Equity Program Strategy — Simiso Nzima c. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Anton Orlich 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investments — Peter Cashion 8. Opportunistic/Other — Daniel Booth 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 7. Adjournment of the Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 18, 2024 9:15 a.m. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramón Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report — Stephen Gilmore 3. Action Consent Items — Stephen Gilmore a. Approval of the November 18, 2024, Investment Committee Timed Agenda b. Approval of the September 16, 2024, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the March 1 7 , 2025, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) g. Report to the California Legislature: Iran h. Report to the California Legislature: Northern Ireland 5. Information Agenda Items a. Quarterly Chief Investment Officer Report — Stephen Gilmore b. Asset Liability Management — Stephen Gilmore , Scott Terando c. Total Fund Portfolio Management Annual Program Review — Sterling Gunn d. Sustainable Investments Annual Program Review — Peter Cashion, Travis Antoniono, Nelson Da Conceicao, Tamara Sells, Michael Silva e. Diversity in the Management of Investments (AB 890) — Peter Cashion, Michael Silva f. CalPERS for California Report – Peter Cashion, Tamara Sells g. Consultant Review of CalPERS Divestments — Lauren Gellhaus, Wilshire Advisors h. Summary of Committee Direction — Michael Cohen i. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Executive Report – Investment Strategy — Stephen Gilmore 3. Action Consent Item — Stephen Gilmore a. Approval of the September 16, 2024, Investment Committee Closed Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 5. Information Agenda Items a. Asset Liability Management Strategy — Stephen Gilmore b. Sustainable Investments Program Strategy — Peter Cashion c. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Anton Orlich 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investments — Peter Cashion 8. Opportunistic/Other — Daniel Booth 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 6. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA February 18, 2025 10:00 a.m. Or Upon Adjournment or Recess of the Risk and Audit Committee - Whichever is later. Committee Members David Miller, Chair Theresa Taylor, Vice Chair Malia Cohen Fiona Ma Lisa Middleton Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramón Rubalcava Yvonne Walker Mullissa Willette Gail Willis Open Session 10:00 a.m. Or Upon Adjournment or Recess of the Risk and Audit Committee - Whichever is later. Item 1. Call to Order and Roll Call 2. Election of the Chair and Vice Chair 3. Action Consent Items — Stephen Gilmore a. Approval of the February 18, 2025, Investment Committee Timed Agenda b. Approval of the November 18, 2024, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the March 17, 2025, Investment Committee Meeting c. Quarterly Update – Investment Controls d. Disclosure of Placement Agent Fees and Material Violations 5 . Information Agenda Items a. Asset Liability Management: Key Risk Tradeoffs and Risk Appetite — Stephen Gilmore b. Summary of Committee Direction — Michael Cohen c. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Action Consent Item — Stephen Gilmore a. Approval of the November 18, 2024, Investment Committee Closed Session Meeting Minutes 3. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 4. Information Agenda Items a. Asset Liability Management: Key Risk Tradeoffs and Risk Appetite Investment Strategy — Stephen Gilmore 5. Chief Investment Officer – Personnel, Employment and Performance 6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 6. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA March 17, 2025 8:45 a.m. Committee Members David Miller, Chair Mullissa Willette, Vice Chair Malia Cohen Michael Detoy Fiona Ma Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramon Rubalcava Theresa Taylor Yvonne Walker Gail Willis Open Session 8:45 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report — Stephen Gilmore 3. Action Consent Items — Stephen Gilmore a. Approval of the March 17, 2025, Investment Committee Timed Agenda b. Approval of the February 18, 2025, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the June 16, 2025, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance g. Modernizing Investment Data & Technology Update 5. Action Agenda Item — Stephen Gilmore a. Policy Changes for Responsible Contractor Policy – Third Reading — Sarah Corr, Tamara Sells 6 . Information Agenda Items a. CalPERS Trust Level Review Consultant Report — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group b. CalPERS Trust Level Review — Stephen Gilmore, Lauren Rosborough Watt c. Asset Liability Management: Governance and Reporting — Stephen Gilmore, Scott Terando, Michele Nix d. Proxy Voting and Corporate Engagements Update — Simiso Nzima, Drew Hambly e. Total Fund Portfolio Management Investment Treasury Overview — Sterling Gunn, Jonathan O’Donnell, Brian Leu, Michael Krimm f. Responsible Contractor Policy Annual Review — Peter Cashion, Tamara Sells g. Summary of Committee Direction — Michael Cohen h. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Executive Report – Investment Strategy — Stephen Gilmore 3. Action Consent Item — Stephen Gilmore a. Approval of the February 18, 2025, Investment Committee Closed Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 5. Information Agenda Items a. Asset Liability Management Strategy: Governance and Reporting — Stephen Gilmore, Scott Terando, Michele Nix b. Total Fund Portfolio Management Investment Treasury Activity/Strategy — Sterling Gunn, Jonathan O’Donnell, Brian Leu, Michael Krimm c. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Anton Orlich 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investments — Peter Cashion 8. Opportunistic/Other — Daniel Booth 9. Affiliate Funds — Christine Reese 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 7. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA June 16, 2025 9:15 a.m. Committee Members David Miller, Chair Mullissa Willette, Vice Chair Malia Cohen Michael Detoy Fiona Ma Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramon Rubalcava Theresa Taylor Yvonne Walker Gail Willis Open Session 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report — Stephen Gilmore 3. Action Consent Items — Stephen Gilmore a. Approval of the June 16, 2025, Investment Committee Timed Agenda b. Approval of the March 17, 2025, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the September 15, 2025, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Modernizing Investment Data & Technology Update 5. Action Agenda Item — Stephen Gilmore a. Market Study Scope: Financial Impact of Prevailing Wage and Labor Peace Agreements for Real Estate and Infrastructure Investments — Sarah Corr, Tamara Sells 6. Information Agenda Items a. Quarterly Chief Investment Officer Report — Stephen Gilmore, Lauren Rosborough Watt b. Asset Liability Management: Reference Portfolio Design and Active Risk Limits — Stephen Gilmore, Scott Terando, Michele Nix c. Private Equity Annual Program Review — Anton Orlich, Colin Crane d. Private Debt Annual Program Review — Anton Orlich, Jonathan Chen, Racel Sy, Justin Scripps e. Real Assets Annual Program Review 1. Real Estate — Sarah Corr, Edward Yrure, Jane Delfendahl 2. Infrastructure — Sarah Corr, Juan Gaviria f. Summary of Committee Direction — Michael Cohen g. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Executive Report – Investment Strategy — Stephen Gilmore 3. Action Consent Item —Stephen Gilmore a. Approval of the March 17, 2025, Investment Committee Closed Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 5. Information Agenda Items a. Asset Liability Management Investment Strategy — Stephen Gilmore, Scott Terando, Michele Nix b. Private Equity Program Strategy — Anton Orlich, Colin Crane c. Private Debt Program Strategy — Anton Orlich, Jonathan Chen, Racel Sy, Justin Scripps d. Real Assets Program Strategy 1. Real Estate — Sarah Corr, Edward Yrure, Jane Delfendahl 2. Infrastructure — Sarah Corr, Juan Gaviria e. Investment Pipeline and Activity Report 1. Private Equity — Anton Orlich 2. Real Assets — Sarah Corr 3. Global Public Equity — Simiso Nzima 4. Global Fixed Income — Arnie Phillips 5. Private Debt — Anton Orlich 6. Total Fund Portfolio Management — Sterling Gunn 7. Sustainable Investments — Peter Cashion 8. Opportunistic/Other — Daniel Booth 9. Affiliate Funds — Christine Reese 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 7. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA September 15, 2025 9:15 a.m. Committee Members David Miller, Chair Mullissa Willette, Vice Chair Malia Cohen Michael Detoy Fiona Ma Eraina Ortega Jose Luis Pacheco Kevin Palkki Ramon Rubalcava Theresa Taylor Yvonne Walker Gail Willis Open Session 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 5. Information Agenda Items a. Asset Liability Management Investment Strategy — Stephen Gilmore, Michele Nix, Scott Terando Open Session Upon Adjournment or Recess of Closed Session Item 2. Executive Report — Stephen Gilmore 3. Action Consent Items — Stephen Gilmore a. Approval of the September 15, 2025, Investment Committee Timed Agenda b. Approval of the June 16, 2025, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the November 17, 2025, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations 5. Information Agenda Items a. CalPERS Trust Level Review — Stephen Gilmore, Lauren Rosborough Watt b. CalPERS Trust Level Review Consultant Report — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group c. Asset Liability Management — First Reading of Public Employees’ Retirement Fund Recommendations — Stephen Gilmore, Michele Nix, Scott Terando d. Global Fixed Income Annual Program Review — Arnie Phillips, David Bader, Richard Fiebrandt, Brian Parks, Todd Smith e. Global Public Equity Annual Program Review — Simiso Nzima, Drew Hambly, May Leung, Hailey Tracy f. Summary of Committee Direction — Michael Cohen g. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 2. Executive Report – Investment Strategy — Stephen Gilmore 3. Action Consent Item — Stephen Gilmore a. Approval of the June 16, 2025, Investment Committee Closed Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 5. Information Agenda Items b. Global Fixed Income Program Strategy — Arnie Phillips, David Bader, Richard Fiebrandt, Brian Parks, Todd Smith c. Global Public Equity Program Strategy — Simiso Nzima d. Investment Pipeline and Activity Report 1. Affiliate Funds — Christine Reese 2. Private Equity — Anton Orlich 3. Private Debt — Anton Orlich 4. Real Assets — Sarah Corr 5. Global Public Equity — Simiso Nzima 6. Global Fixed Income — Arnie Phillips 7. Total Fund Portfolio Management — Brian Leu 8. Sustainable Investments — Peter Cashion 9. Opportunistic/Other — Daniel Booth 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. Item 6. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference. Feckner Auditorium Lincoln Plaza North 400 P Street Sacramento, CA November 17, 2025 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Committee Members David Miller, Chair Mullissa Willette, Vice Chair Malia Cohen Michael Detoy Monica Erickson Fiona Ma Lisa Middleton Jose Luis Pacheco Kevin Palkki Ramon Rubalcava Theresa Taylor Yvonne Walker Gail Willis Open Session 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Executive Report — Stephen Gilmore 3. Action Consent Items — Stephen Gilmore a. Approval of the November 17, 2025, Investment Committee Timed Agenda b. Approval of the September 15, 2025, Investment Committee Open Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the March 16, 2026, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) g. Report to the California Legislature: Iran h. Report to the California Legislature: Northern Ireland i. CalPERS for California Report 5. Action Agenda Item a. Asset Liability Management: Public Employees’ Retirement Fund Recommendations — Stephen Gilmore, Michele Nix, Scott Terando 6. Information Agenda Items a. Quarterly Chief Investment Officer Report — Stephen Gilmore, Lauren Rosborough Watt b. Total Fund Portfolio Management Annual Program Review — Brian Leu, Saeed Daroogheha, Michael Krimm, Jonathon O’Donnell c. Sustainable Investments Annual Program Review — Peter Cashion, Travis Antoniono, Fanny Bourdais de Charbonniere, Nelson Da Conceicao, Miguel Silva d. Diversity in the Management of Investments (AB 890) — Peter Cashion, Miguel Silva e. Responsible Contractor Policy Annual Review — Tamara Sells f. Consultant Review of CalPERS Divestments — Lauren Gellhaus, Wilshire Advisors g. Summary of Committee Direction — Michael Cohen h. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Executive Report – Investment Strategy — Stephen Gilmore 3. Action Consent Item — Stephen Gilmore a. Approval of the September 15, 2025, Investment Committee Closed Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 5. Information Agenda Items a. Asset Liability Management Investment Strategy — Stephen Gilmore, Michele Nix, Scott Terando b. Total Fund Portfolio Management Program Strategy— Brian Leu, Jonathon O’Donnell c. Sustainable Investments Program Strategy — Peter Cashion, Travis Antoniono, Miguel Silva d. Investment Pipeline and Activity Report 1. Affiliate Funds — Christine Reese 2. Private Equity — Anton Orlich 3. Real Assets — Sarah Corr 4. Private Debt — Mascha Canio 5. Global Public Equity — Simiso Nzima 6. Global Fixed Income — Arnie Phillips 7. Total Fund Portfolio Management — Brian Leu 8. Sustainable Investments — Peter Cashion 9. Opportunistic/Other — Stephen Gilmore 6. Chief Investment Officer – Personnel, Employment and Performance 7. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 7. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference. CalPERS Auditorium Feckner Auditorium 400 P Street Sacramento, CA March 16, 2026 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Committee Members David Miller, Chair Mullissa Willette, Vice Chair Malia Cohen Michael Detoy Monica Erickson Troy Johnson Fiona Ma Lisa Middleton Kevin Palkki Ramon Rubalcava Theresa Taylor Yvonne Walker Gail Willis Open Session 9:15 a.m. Or Upon Adjournment or Recess of the Board Closed Session – Whichever is Later. Item 1. Call to Order and Roll Call 2. Election of the Chair and Vice Chair 3. Executive Report — Stephen Gilmore 4. Action Consent Items — Stephen Gilmore a. Approval of the March 16, 2026, Investment Committee Timed Agenda b. Approval of the November 17, 2025, Investment Committee Open Session Meeting Minutes c. Review of the Investment Committee Delegation 5. Information Consent Items — Stephen Gilmore a. Annual Calendar Review b. Draft Agenda for the June 15, 2026, Investment Committee Meeting c. Quarterly Update – Affiliates Performance and Risk d. Quarterly Update – Investment Controls e. Disclosure of Placement Agent Fees and Material Violations f. Terminated Agency Pool Rebalance 6. Information Agenda Items a. Geopolitical Discussion with Lieutenant General David Bellon Moderated by Stephen Gilmore (Board Education) — Lieutenant General David Bellon, Academy Securities; Stephen Gilmore b. Total Fund Policy Review — First Reading — Amy Deming c. Asset Liability Management: First Reading Affiliate Funds Recommendation — Stephen Gilmore, Michele Nix, Scott Terando, Christine Reese, Saeed Daroogheha d. Summary of Committee Direction — Michael Cohen e. Public Comment Closed Session Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e)). Item 1. Call to Order and Roll Call 2. Executive Report – Investment Strategy — Stephen Gilmore 3. Action Consent Item — Stephen Gilmore a. Approval of the November 17, 2025, Investment Committee Closed Session Meeting Minutes 4. Information Consent Items — Stephen Gilmore a. Closed Session Activity Reports 1. Status of Action Items Not Yet Reported b. Disclosure of Placement Agent Fees 5. Action Agenda Items a. Reference Portfolio Benchmark Recommendation — Tom Toth, Wilshire Advisors 6. Information Agenda Items a. Asset Liability Management: Public Employees’ Retirement Fund Implementation Strategy — Stephen Gilmore, Michele Nix, Scott Terando b. Strategic Discussion of Owning Tesla — Simiso Nzima, Drew Hambly c. Investment Pipeline and Activity Report 1. Affiliate Funds — Christine Reese 2. Private Equity — Anton Orlich 3. Private Debt — Mascha Canio 4. Real Assets — Sarah Corr 5. Global Public Equity — Simiso Nzima 6. Global Fixed Income — David Bader 7. Total Fund Portfolio Management — Brian Leu 8. Sustainable Investments — Peter Cashion 9. Opportunistic/Other — Stephen Gilmore 7. Chief Investment Officer – Personnel, Employment and Performance 8. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants Open Session Upon Adjournment of Closed Session. 7. Adjournment of Meeting
Investment Committee Meeting Agenda
Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference. CalPERS Auditorium Feckner Auditorium 400 P Street Sacramento, CA March 17, 2026 9:00 a.m. Committee Members David Miller, Chair Mullissa Willette, Vice Chair Malia Cohen Michael Detoy Monica Erickson Troy Johnson Fiona Ma Lisa Middleton Kevin Palkki Ramon Rubalcava Theresa Taylor Yvonne Walker Gail Willis Open Session 9:00 a.m. Item 1. Call to Order and Roll Call 2. Action Consent Items — Stephen Gilmore a. Approval of the March 17, 2026, Investment Committee Timed Agenda 3. Information Agenda Items a. CalPERS Trust Level Review Consultant Report — Tom Toth, Wilshire Advisors; Steve McCourt, Meketa Investment Group b. CalPERS Trust Level Review — Stephen Gilmore, Lauren Rosborough Watt c. Proxy Voting and Corporate Engagements Update — Simiso Nzima, Drew Hambly d. Summary of Committee Direction — Michael Cohen e. Public Comment 4. Adjournment of Meeting