Appetite for promising debuts remains, despite macro jitters. Here are seven charts telling the story of today’s status quo.
“Nothing the managers said today gave me any confidence that we’re going to get distributions to the level of NAV they’ve marked on their portfolios,” says Marin County board president Sara Klein.
The system’s adviser and staff are bullish on fixed income at the expense of private assets.
“I wouldn’t call us conservative. But we do want to be more liquid and transparent,” said San Diego County CIO Stephen Sexauer.
Possible increases from two mammoth public pensions could bring liquidity to a parched fundraising environment.
'Over the years, we had a number of funds that drifted into the plan. It became insurmountable for us to deal with. We want to commit larger amounts to fewer funds while still being diversified,' PA State CIO James Nolan said.
Revamped policies under departing CIO Nicole Musicco’s watch have started to take foot.
Nicole Musicco is leaving the post after instituting major changes in the system’s private equity program.
Musicco will step down at the end of September after serving a little more than a year as CIO, according to a CalPERS press release.
Private equity made up 21% of all CAAT assets in 2022, up from 9% four years ago, putting the mid-sized system in the same league as its largest global peers.