Even with CalPERS reporting benchmark outperformance in the first several years of launching a private debt program, the California pension giant wants to diversify its portfolio by doing more outside standard corporate lending strategies and the US market, based on comments at a recent investment committee meeting.
An increased portfolio share of specialty lending and real estate debt, as well as more exposure to the European market, where staff said they’ve seen a premium in returns, were among the plans staff articulated for future investments at the Monday meeting.
