Calpers Eyes Expansion Into Private Debt to Retool Portfolio
- Booming asset class should be part of the mix, CIO Meng says
- U.S. pensions look to private markets to close the funding gap
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The California Public Employees’ Retirement System may jump into private debt as the pension giant reworks strategies to achieve its return targets.
Calpers, with $397 billion as of Jan. 7, has resisted the burgeoning asset class even as other pension and endowment funds are drawn to returns that can run as high as 10%. Change may be afoot as Chief Investment Officer Ben Meng enters his second year managing the country’s largest public pension fund.