Investment Committee Agenda - November 18, 2024

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 each 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. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference.

November 18, 2024

Open Session

9:15 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. Executive Report (PDF) (Verbal) Stephen Gilmore
   3. Action Consent Items Stephen Gilmore
      1. Approval of the November 18, 2024 Investment Committee Timed Agenda (PDF)
      2. Approval of the September 16, 2024 Investment Committee Open Session Meeting Minutes (PDF)
   4. Information Consent Items Stephen Gilmore
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the March 17, 2025 Investment Committee Meeting (PDF)
      3. Quarterly Update - Affiliates 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)
      6. Report on Alternative Investments (AB 2833) Fee Disclosure (Government Code Section 7514.7) (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
      7. Report to the California Legislature: Iran (PDF)
         1. Attachment 1 (PDF)
      8. Report to the California Legislature: Northern Ireland (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
   5. Information Agenda Items
      1. Quarterly Chief Investment Officer Report (PDF) Stephen Gilmore
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      2. Asset Liability Management (PDF) Stephen Gilmore, Scott Terando
         1. Attachment 1 (PDF)
      3. Total Fund Portfolio Management Annual Program Review (PDF) Sterling Gunn
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      4. Sustainable Investments Annual Program Review (PDF) Peter Cashion, Travis Antoniono, Nelson Da Conceicao, Tamara Sells, Michael Silva
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      5. Diversity in the Management of Investments (AB 890) (PDF) Peter Cashion, Michael Silva
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      6. CalPERS for California Report (PDF) Peter Cashion, Tamara Sells
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      7. Consultant Review of CalPERS Divestments (PDF) Lauren Gellhaus, Wilshire Advisors
         1. Attachment 1 (PDF)
      8. Summary of Committee Direction Michael Cohen
      9. 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. Executive Report – Investment Strategy Stephen Gilmore
   3. Action Consent Item Stephen Gilmore
      1. Approval of the September 16, 2024, Investment Committee Closed Session Meeting Minutes
   4. Information Consent Items Stephen Gilmore
      1. Closed Session Activity Reports
         1. Status of Action Items Not Yet Reported
      2. Disclosure of Placement Agent Fees
   5. Information Agenda Items
      1. Asset Liability Management Strategy Stephen Gilmore
      2. Sustainable Investments Program Strategy Peter Cashion
      3. Investment Pipeline and Activity Report
         1. Private Equity Anton Orlich
         2. Real Assets Sarah Corr
         3. Global Public Equity Simiso Nzima
         4. Global Fixed Income Arnie Phillips
         5. Private Debt Anton Orlich
         6. Total Fund Portfolio Management Sterling Gunn
         7. Sustainable Investments Peter Cashion
         8. Opportunistic/Other Daniel Booth
   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. Item
   6. Adjournment of Meeting