Investment Committee Agenda February 15, 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. 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 11133 (added by Stats. 2021, ch. 165 § 2) and Executive Order N-1-22, Board members may participate via videoconference.

Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings

February 15, 2022

View February 15, 2022 Investment Committee Open Session Meeting Transcript (PDF)

Open Session

9:00 a.m.

1. Item
   1. Call to Order and Roll Call (PDF)
   2. Election of the Chair and Vice Chair
   3. Approval of the February 15, 2022 Investment Committee Timed Agenda (PDF)
   4. Executive Report — Interim Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Dan Bienvenue
   5. Action Consent ItemDan Bienvenue
      1. Approval of the November 15, 2021 Investment Committee Open Session Meeting Minutes (PDF)
      2. Approval of the November 16, 2021 Investment Committee Open Session Meeting Minutes (PDF)
   6. Information Consent ItemsDan Bienvenue
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the March 14, 2022 Investment Committee Meeting (PDF)
   7. Information Agenda Items
      1. CalPERS Trust Level Review – Consultant Report (PDF)Tom Toth, Wilshire Associates Consulting; 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)
      2. CalPERS Trust Level Review (PDF)Dan Bienvenue, Arnie Phillips, Lauren Rosborough Watt
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
      3. Proxy Voting and Corporate Engagements Update (PDF)Simiso Nzima
         1. Attachment 1 (PDF)
      4. Summary of Committee Direction (Verbal Report)Dan Bienvenue
      5. 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 ItemDan Bienvenue
      1. Approval of the November 15, 2021 Investment Committee Closed Session Meeting Minutes
   3. 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
   4. Information Agenda Item – Investment Strategy Session with the Board's Independent Consultants