Key Takeaways
- • CalPERS ranks Wilshire as the top candidate for both its general fund and private equity program consulting mandates, according to PEI Private Equity reporter Gregg Gethard.
- • A CalPERS subcommittee is scheduled to convene on April 19, 2023 to award consulting contracts for the general investment fund and the private equity program.
- • The consultant selection is part of CalPERS' continuing overhaul of its private equity program, as the nation's largest public pension system reshapes its PE approach.
- • Publisher context indicates the new PE strategy has generated a 21.9% return over three years, per PEI's reporting on CalPERS' strategy shift.
Summary
CalPERS, the largest U.S. public pension system, is moving to appoint consultants for its general investment fund and its private equity program, according to PEI Private Equity. The pension's staff has ranked Wilshire as the top candidate for both mandates, PEI reported on April 10, 2023.
A CalPERS subcommittee will convene on April 19 to award the contracts, as described in the pension's published agenda materials. The agenda attachment notes that staff, investors, managers, consultants and other participants are expected to take prudent and careful action in managing the program.
The consultant decisions come as CalPERS continues to reshape its private equity activity. PEI reported that the pension's new PE strategy generated a 21.9% return over the past three years, and CalPERS has described its Private Equity Program as its highest-performing asset class over the past 20 years. The pension has also been exploring co-investment strategies in its PE portfolio, which PEI has covered alongside the CalSTRS co-investment model.
The Total Fund Investment Policy governs the program's performance objectives and asset allocation, and the consultant awards will feed into how the general fund and private equity portfolios are overseen going forward.
A CalPERS subcommittee will convene on April 19 to award the contracts, as described in the pension's published agenda materials. The agenda attachment notes that staff, investors, managers, consultants and other participants are expected to take prudent and careful action in managing the program.
The consultant decisions come as CalPERS continues to reshape its private equity activity. PEI reported that the pension's new PE strategy generated a 21.9% return over the past three years, and CalPERS has described its Private Equity Program as its highest-performing asset class over the past 20 years. The pension has also been exploring co-investment strategies in its PE portfolio, which PEI has covered alongside the CalSTRS co-investment model.
The Total Fund Investment Policy governs the program's performance objectives and asset allocation, and the consultant awards will feed into how the general fund and private equity portfolios are overseen going forward.
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