Justin Mitchell
The $111.5bn pension's private markets committee approved the contract, but the full board will decide at its September 17 meeting.
PE Director Margot Wirth praised Winter for helping CalSTRS transition from a mostly outsourced PE program to one that is “strongly staff-driven.”
The Retired Public Employees' Association of California wrote a letter complaining about Jones' handling of the investigation into former CIO Ben Meng's personal investments.
The market dislocation means there may now be more secondaries sellers than buyers, but LACERS staff wants to stick with secondaries fund investments for now.
Board VP and investment committee chair Theresa Taylor harshly criticized fellow board member Margaret Brown as well as a prominent financial blogger.
Growth and venture holdings had generated such sizable returns as of March 31 that the strategy was over 4 percentage points overweight.
The $216bn pension has committed more capital to private equity during the covid crisis than it did during the same period last year.
State treasurer Joe Torsella said the policy is intended to make clear "who went where, when, and who paid for it.”
Meng was in the process of launching a leveraged push into private equity and private credit.
Steve Mermell said CalPERS was not representing the actual level of risk in its plan and is not being sufficiently transparent.