Calper's committee to revise PE programme

Among the most important changes proposed are a transition to "dollar-oriented" authority on its per-investment limits; the elimination of first- and second-quartile fund sub-limits; the removal of sub-limits for emerging manager funds; and the elimination of direct investments as a transaction type.

Other proposals include the removal of the chief investment officer's ability to increase committed capital to an existing customised investment account; the modification of certain limitations for co-investments; a new limit on aggregate annual investments; and the modification to the target and ranges of the buyout- and credit-related strategies.

Meketa Investment Group, the pension fund's consultant for the private equity programme, has commented on the revisions submitted for the first reading. To read Meketa's opinion letter, click here.

The investment committee will also discuss on the same day whether to extend its contracts with its current investment consultants.  Meketa has a contract with the pension scheme for its private equity programme until June 2020. However, if the committee decides to amend the contract, then it would be extended for one more year to 30 June 2021.

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• Topics
• LPs
• CalPERS
• United States