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Calpers Backs Bill Limiting Disclosure Amid Private-Debt Push

  • Pension says bill is ‘important part’ of investment strategy
  • Retiree group seeks more transparency given ethics lapses

California’s $459 billion state pension fund is throwing its weight behind a bill that it says would help it compete as a lender in the market for private debt, where borrowers prize secrecy.

The California Public Employees’ Retirement System is supporting a measure in the state Legislature that would exempt information about potential borrowers from public disclosure. Calpers says the change would boost returns and save money by allowing it to engage more directly in the growing market for non-bank lending. But the effort faces opposition from a retiree group, which says it would add risk to the portfolio and could introduce conflicts of interest at a fund that has suffered high-profile governance failures.