Investment Committee Agenda - March 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 11133 (added by Stats. 2023, ch. 196, § 6), Board members may participate via teleconference.

March 18, 2024

View March 18, 2024 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. Election of the Chair and Vice Chair
   3. Executive Report – Interim Chief Investment Officer Briefing (Verbal) Dan Bienvenue
   4. Action Consent Items Dan Bienvenue
      1. Approval of the March 18, 2024, Investment Committee Timed Agenda
      2. Approval of the November 13, 2023, Investment Committee Open Session Meeting Minutes
      3. Review of the Investment Committee Delegation
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
   5. Information Consent Items Dan Bienvenue
      1. Annual Calendar Review
      2. Draft Agenda for the June 10, 2024, Investment Committee Meeting
      3. Quarterly Update – Affiliates 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)
         7. Attachment 7 (PDF)
         8. Attachment 8 (PDF)
      6. Terminated Agency Pool Rebalance
   6. Action Agenda Item
      1. Mid-Cycle Public Employees’ Retirement Fund Asset Liability Management Review Scott Terando, Michele Nix, Sterling Gunn
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
   7. Information Agenda Items
      1. CalPERS Trust Level Review Consultant Report Tom Toth, Wilshire Advisors; 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 Dan Bienvenue, Lauren Rosborough Watt
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
      3. Proxy Voting and Corporate Engagement Update Drew Hambly
         1. Attachment 1 (PDF)
      4. Total Fund Policy Review – First Reading Amy Deming
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
      5. Policy Changes for Responsible Contractor Policy – First Reading Sarah Corr, Tamara Sells
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
      6. Summary of Committee Direction Dan Bienvenue
      7. 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 Item Dan Bienvenue
      1. Approval of the November 13, 2023, Investment Committee Closed Session Meeting Minutes
   3. Information Consent Items Dan Bienvenue
      1. Closed Session Activity Reports
         1. Status of Action Items Not Yet Reported
      2. Disclosure of Placement Agent Fees
   4. Information Agenda Items
      1. Strategic Asset Allocation Implementation Sterling Gunn, Michael Krimm
      2. 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 Jean Hsu
         6. Total Fund Portfolio Management Sterling Gunn
         7. Sustainable Investing Peter Cashion
         8. Opportunistic/Other Daniel Booth
   5. Interim 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
   8. Adjournment of Meeting