Investment Committee Agenda

This committee reviews investment transactions, the investment performance of both internal and external managers, and establishes investment policy and strategy.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

Meeting Agenda for August 19, 2019

View Open Session Meeting Transcript (PDF)

Open Session

9:00 a.m.
Or upon adjournment or Recess of the Board Closed Session – Whichever is later

1. Item
   1. Call to Order and Roll Call (PDF)
   2. Approval of the August 19, 2019 Investment Committee Timed Agenda (PDF)
   3. Swearing-In Ceremony for New Board Member
   4. Pledge of Allegiance
   5. Executive Report – Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Yu (Ben) Meng
   6. Action Consent ItemYu (Ben) Meng
      1. Approval of the June 17, 2019 Investment Committee Open Session Meeting Minutes (PDF)
   7. Information Consent ItemsYu (Ben) Meng
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the September 16, 2019 Investment Committee Meeting (PDF)
      3. Monthly Update – Performance and Risk (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      4. Monthly Update – Investment Controls (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      5. Trust Level Portfolio Management Annual Program Review (PDF)
         1. Attachment 1 (PDF)
      6. Opportunistic Strategies Annual Program Review (PDF)
         1. Attachment 1 (PDF)
   8. Action Agenda Item – Independent Oversight
      1. Board Investment Consultants – Selection of Finalists to Interview, and Interview and Selection Process (PDF)Dan Bienvenue and Matt Flynn
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
   9. Information Agenda Item – Total Fund
      1. CalPERS Trust Level Review (PDF)Yu (Ben) Meng, Dan Bienvenue, Eric Baggesen and John Rothfield
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
      2. CalPERS Trust Level Review - Consultant Report (PDF)Andrew Junkin, Wilshire Associates, and Stephen McCourt, Meketa Investment Group
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
      3. Revision of the Total Fund Policy - First Reading (PDF)Dan Bienvenue, Kit Crocker, and Beth Richtman
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
         6. Attachment 6 (PDF)
   10. Information Agenda Item – Program Reviews
       1. Consultant Review of Trust Level Portfolio Management Program (PDF)Andrew Junkin and Rose Dean, Wilshire Associates
          1. Attachment 1 (PDF)
       2. Consultant Review of the Opportunistic Strategies Program (PDF)Andrew Junkin, Wilshire Associates
          1. Attachment 1 (PDF)
   11. Information Agenda Item – Independent Oversight
       1. Review of Survey Results on Board Investment Consultants (PDF)Kristin LaMantia
          1. Attachment 1 (PDF)
   12. Summary of Committee Direction (Oral Report)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))

1. Item
   1. Call to Order and Roll Call
   2. Action Consent ItemYu (Ben) Meng
      1. Approval of the June 17, 2019 Investment Committee Closed Session Meeting Minutes
   3. Information Consent ItemsYu (Ben) Meng
      1. 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
      1. CalPERS Trust Level ReviewYu (Ben) Meng, Dan Bienvenue and Eric Baggesen
      2. Annual Program Reviews: Trust Level Portfolio Management and Opportunistic StrategiesEric Baggesen, Kevin Winter
   5. Information Agenda Items – External Manager and Investment Decision Updates
      1. Private EquityGreg Ruiz and Sarah Corr
      2. Real AssetsPaul Mouchakkaa
      3. Global EquityDan Bienvenue
      4. Global Fixed IncomeArnie Phillips
      5. OpportunisticKevin Winter
      6. Trust Level Portfolio ManagementEric Baggesen
      7. Sustainable InvestmentsBeth 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.