Investment Committee Agenda June 20, 2023

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 11133 (added by Stats. 2022, ch. 48, § 20), Board members may participate via teleconference.

June 20, 2023

View June 20, 2023 Investment Committee Open Session Meeting Transcript (PDF)

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
   2. Executive Report - Chief Investment Officer Briefing (Verbal) Nicole Musicco
   3. Action Consent Items Nicole Musicco
      1. Approval of the June 20, 2023 Investment Committee Timed Agenda
      2. Approval of the March 13, 2023 Investment Committee Open Session Meeting Minutes
   4. Information Consent Items Nicole Musicco
      1. Annual Calendar Review
      2. Draft Agenda for the September 18, 2023 Investment Committee Meeting
      3. Quarterly Update - Performance and Risk
         1. Attachment 1 (PDF)
      4. Quarterly Update - Investment Controls
         1. Attachment 1 (PDF)
      5. Disclosure of Placement Agent Fees and Material Violations
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
         6. Attachment 6 (PDF)
   5. Action Agenda Items
      1. Revisions to the CalPERS Investment Policy for Insider Trading Amy Deming
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
   6. Information Agenda Items
      1. Current Trends in Investing and Sustainability Nicole Musicco, Mark Carney (9:30 am TIME CERTAIN)
         1. Attachment 1 (PDF)
      2. Investment Office 2022-23 Strategic Initiatives Update Nicole Musicco
         1. Attachment 1 (PDF)
      3. Quarterly Chief Investment Officer Report Nicole Musicco
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      4. Private Equity Annual Program Review Anton Orlich
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      5. Real Assets Annual Program Review Sarah Corr
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
      6. Introduction to Risk Budgeting Strategy Sterling Gunn, Michael Krimm
         1. Attachment 1 (PDF)
      7. Summary of Committee Direction Nicole Musicco
      8. 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 Item Nicole Musicco
      1. Approval of the March 13, 2023 Investment Committee Closed Session Meeting Minutes
   3. Information Consent Items Nicole Musicco
      1. Closed Session Activity Reports
         1. Status of Action Items Not Yet Reported
      2. Disclosure of Placement Agent Fees
   4. Information Agenda Items
      1. Private Equity Program Strategy Anton Orlich
      2. Real Assets Program Strategy Sarah Corr
      3. Investment Pipeline and Activity Report Jean Hsu
         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 Jean Hsu
         6. Total Fund Portfolio Management Sterling Gunn
         7. Sustainable Investing Peter Cashion
         8. Opportunistic/Other
   5. Chief Investment Officer – Personnel, Employment and Performance
   6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants

Open Session

Upon adjournment of Closed Session

1. Item
   7. Adjournment of Meeting