Key Takeaways
- • CalPERS Chief Investment Officer Yu (Ben) Meng said at the pension fund's November 18 board meeting that staff are "trying to find ways to … get venture capital investment back in our portfolio," according to PEI Private Equity.
- • The comments signal a reversal of the fund's earlier stance on venture capital, which the headline describes as CalPERS having "second thoughts about ditching venture."
- • The source article does not disclose target allocation sizes, commitment amounts, or timing for any reinvestment.
Summary
California Public Employees' Retirement System (CalPERS) is reconsidering its exit from venture capital, according to a report by Justin Mitchell in PEI Private Equity published 19 November 2019. Chief Investment Officer Yu (Ben) Meng told the board at its November 18 meeting that the pension is "trying to find ways to … get venture capital investment back in our portfolio."
The remarks indicate that the largest U.S. public pension is looking to reintroduce venture exposure after having moved away from the asset class. The source does not provide details on the size of any prospective allocation, the strategies or managers under consideration, or a timeline for implementation.
For allocators tracking public pension private markets programs, the comments are notable as an example of a large institutional investor revisiting a portfolio decision. Further detail would be needed from CalPERS board materials to assess the scale of any renewed commitment.
The remarks indicate that the largest U.S. public pension is looking to reintroduce venture exposure after having moved away from the asset class. The source does not provide details on the size of any prospective allocation, the strategies or managers under consideration, or a timeline for implementation.
For allocators tracking public pension private markets programs, the comments are notable as an example of a large institutional investor revisiting a portfolio decision. Further detail would be needed from CalPERS board materials to assess the scale of any renewed commitment.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.