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CalPERS May Have Approved Special Pay Items Without Doing The Math On Cost

CalPERS recently approved a list of 99 “special pay items”, or bonuses given to workers whose jobs meet certain requirements. But a report from the Los Angeles Times suggests that CalPERS approved the items without knowing how much they would cost. From the LA Times: CalPERS repeatedly told The Times it didn’t know how much the bonuses were ...
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How Should Investors Manage Climate Change Risk?

CalPERS is measuring the carbon footprint of its portfolio. CalSTRS is helping to fund a study on the market impact of climate change. For the first time, institutional investors are beginning to wonder: How will climate change impact the value of our investments? Howard Covington of Cambridge University and Raj Thamotheram of the Network for Sustainable ...
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“Historic” Ruling Expected in Stockton Bankruptcy Case; Can A Bankrupt California City Cut Pensions?

Can a bankrupt California city legally reduce both its payments to CalPERS and the pension benefits it promised to its workers? Those are the questions that will likely be answered by the end of the day Wednesday in what’s already being called a “historic” ruling. From the Sacramento Bee: After months of buildup, U.S. Bankruptcy Judge Christopher ...
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CalPERS Is Ramping Up Its Real Estate Portfolio. Why?

Last week marked a big shift in investment strategy for CalPERS, and it goes beyond hedge funds. The pension fund’s hedge fund pullout got all the headlines, of course, but CalPERS also decided to invest an addition $1.3 billion in real estate. The reasoning behind dropping hedge funds has been made clear. But what about the real estate investments? ...
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5 Potential Outcomes Of CalPERS’ Hedge Fund Pullback

The last week has seen a flurry of debate of what CalPERS’ hedge fund divestment actually means in the bigger picture. Is this an instance of just one fund shifting its investment strategy? Or is it emblematic of a larger, accelerating trend? At FinAlternatives, the founder of a hedge fund marketing firm has weighed in on the potential outcomes of ...
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CalSTRS Doubles Down On Clean Energy Investments

At least one pension fund is seeing the potential for “green” (read: big money) in clean energy investments. CalSTRS announced plans to significantly ramp up investments in the “green” sector from $1.4 billion to $3.7 billion over the next 5 years. AP reports: CalSTRS CEO Jack Ehnes says the pension fund is seeing more opportunities in low-carbon ...
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CalPERS Sticking With Commodities After Considering Pullback

CalPERS is not exiting commodities, a fund spokesman said this week, although it had slashed its commodities portfolio earlier this summer. CalPERS’ complete pullback from hedge funds made some observers wonder whether other allocation shifts were on the horizon. But for now, the fund says its commodities investments will continue as planned. From ...
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Video: CalSTRS CIO On Sticking With Hedge Funds

In the above video, we get to hear the Chief Investment Officer of CalSTRS, Christopher Ailman, weigh in on CalPERS’ decision to divest from hedge funds. The gist: CalPERS did what was right for them, but CalSTRS is sticking with hedge funds. “CalPERS’ decision does not change our mind or our opinion,” Ailman said during the interview. CalSTRS ...
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Advisors, Fund Managers React To CalPERS’ Hedge Fund Pullout

We’ve heard what CalPERS officials had to say about the decision to cut ties with hedge funds. But how are advisors and fund managers within the industry reacting to the news? A few anonymous hedge fund advisors have claimed that CalPERS’ problem wasn’t hedge funds as an asset class—the problem was that the pension fund was bad at picking which ...
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CalPERS, LACERS Ramp Up Real Estate Commitments

CalPERS already made headlines today for deciding to pull $4 billion from hedge funds and hedge funds-of-funds. But there was another bit of news that was less headline-worthy, but still important: CalPERS has decided to invest an additional $1.3 billion in real estate funds, according to a report from Pensions & Investments: The $298 billion California ...
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