The California Public Employees’ Retirement System, with $228 billion in assets, has in the past few years been one of the industry’s biggest supporters of mega-funds.
But that mindset may be changing, judging by the transcript of a recent discussion among CalPERS’ board members.
“I’ve never understood why we, as the biggest pension fund in America, continue to do business with the mega-funds,” said Louis Moret, a member of CalPERS’ board of administration, during a 14 February meeting.
CalPERS debates mega-funds, hardline fee stance
The performance of mega-funds was a key point at a recent meeting, where a board member said he didn't understand why the pension continued 'to do business with the mega-funds'.
