Justin Mitchell
Should the study get final approval, it could be completed by the end of 2021 Q1.
The $53.8bn pension, founded in 2016, plans to do more direct investments in the future.
The $41.9bn endowment has made progress in growing its private equity portfolio while shedding older illiquid assets that have weighed on performance.
While many larger-cap PE firms have already sold stakes, mid-market private equity is ripe with opportunity.
Pennsylvania state representative Ryan explains why he almost always votes against PE commitments at board meetings, often as the only dissenting voice.
The $19.2bn pension's consultant stressed that the PE program's apparent under-performance is due to public market volatility, a common issue faced by LPs.
CalPERS staff suggested plans to create two in-house investment funds were still 'moving forward,' but there was nothing to announce yet.
The vast majority of the portfolio is still fund commitments, but the $262bn pension is planning to grow its co-investment strategy in the future.
Margaret Brown said doing so would be necessary until an investigation is completed into former CIO Ben Meng's financial disclosures.
The $103.9bn pension's private equity staff says that distressed managers are ideally positioned to take advantage of the crisis's aftermath over the next several years.
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