CalPERS Moves Forward with Private Equity Plan
The Sacramento Bee reported on March 18, 2019 that the CalPERS Investment Committee voted to create two limited liability companies to invest up to an additional $20 billion in private equity investments. Under the plan, which would include the hiring of a fund manager, these two companies would make private equity investments exclusively on behalf of CalPERS.
The vote on this move was 10 to 3 in favor with Board members Margaret Brown, Jason Perez, and State Controller Betty Yee voting against the plan. One more vote by the CalPERS Board is required before the plan goes into effect.