Investment Committee Agenda September 19, 2022

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.)

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 may be considered by the Board at a subsequent Board meeting. 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. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Pursuant to California Government Code section 11133 (added by Stats. 2022, ch. 48, § 20) , Board members may participate via teleconference.

September 19, 2022

View September 19, 2022 Investment Committee Open Session Meeting Transcript (PDF)

Open Session

8:45 a.m.
Or upon adjournment or Recess of the Board Closed Session – Whichever is later

1. Item
   1. Call to Order and Roll Call
   2. Executive Report – Chief Investment Officer Briefing (PDF) (Verbal Report) Nicole Musicco
   3. Action Consent Items Nicole Musicco
      1. Approval of the September 19, 2022 Investment Committee Timed Agenda (PDF)
      2. Approval of the June 13, 2022 Investment Committee Open Session Meeting Minutes (PDF)
      3. Board of Administration Investment Consultants Request for Proposal (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
   4. Information Consent Items Nicole Musicco
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the November 14, 2022 Investment Committee Meeting (PDF)
      3. Quarterly Update – Performance and Risk (PDF)
         1. Attachment 1 (PDF)
      4. Quarterly Update – Investment Controls (PDF)
         1. Attachment 1 (PDF)
      5. Disclosure of Placement Agent Fees and Material Violations (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
         6. Attachment 6 (PDF)
      6. Supplemental Income Plans: Strategic Asset Allocation Implementation Update (PDF)
         1. Attachment 1 (PDF)
   5. Information Agenda Items
      1. Investment Performance Review and Strategy (PDF) Nicole Musicco
         1. Attachment 1 (PDF)
      2. Revisions to the Total Fund Policies – Private Asset Classes – First Reading (PDF) Nicole Musicco, Greg Ruiz, Sarah Corr, Amy Deming
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
         6. Attachment 6 (PDF)
         7. Attachment 7 (PDF)
         8. Attachment 8 (PDF)
         9. Attachment 9 (PDF)
      3. CalPERS Trust Level Review and Annual Program Reviews (PDF) Nicole Musicco, Dan Bienvenue, Simsio Nzima, Arnie Phillips, Jean Hsu, Greg Ruiz, Sarah Corr, Lauren Rosborough Watt
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
      4. CalPERS Trust Level Review Consultant Report and Annual Program Reviews (PDF) Tom Toth, Wilshire Associates; Steve McCourt, Meketa Investment Group
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
         6. Attachment 6 (PDF)
         7. Attachment 7 (PDF)
      5. Summary of Committee Direction (Verbal Report) Nicole Musicco
      6. Public Comment

Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16), (e))

1. Item
   1. Call to Order and Roll Call
   2. Action Consent ItemNicole Musicco
      1. Approval of the June 13, 2022 Investment Committee Closed Session Meeting Minutes
   3. Information Consent ItemsNicole Musicco
      1. Closed Session Activity Reports
         1. Status of Action Items Not Yet Reported
         2. Items Completed Under Delegated Authority
         3. Investment Proposal Status Reports
      2. Disclosure of Placement Agent Fees
   4. Information Agenda Item
      1. Investment Performance Review and Strategy Nicole Musicco
      2. Strategic Asset Allocation Implementation UpdateDan Bienvenue
   5. Information Agenda Items - External Manager and Investment Decision Updates
      1. Private EquityGreg Ruiz
      2. Real AssetsSarah Corr
      3. Global EquitySimiso Nzima
      4. Global Fixed IncomeArnie Phillips
      5. OpportunisticJean Hsu
      6. Trust Level Portfolio ManagementSterling Gunn
      7. Sustainable InvestmentsJames Andrus
   6. Chief Investment Officer – Personnel, Employment and Performance
   7. Information Agenda Item - Investment Strategy Session with the Board's Independent Consultants

   Open Session

   Upon adjournment of Closed Session

   1. Adjournment of Meeting