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...Marcie Frost, Calpers’ chief executive, also criticised Exxon’s lawsuit at the fund’s April board meeting....
...Calpers, the largest US public pension fund, last month pledged to double its low-carbon assets to $100bn....
...In a statement, Calpers chief executive Marcie Frost said Gilmore “has the temperament to understand the needs of our members and public sector employers who depend on Calpers to be a steady, long-term partner...
...Calpers From the Financial Times’ intrepid pensions guru, Josephine Cumbo, yesterday: Calpers, the US’s biggest public pension plan, is to increase its holdings in private markets . . ....
...Calpers chief executive Marcie Frost said: “Stephen has worked in very public roles during his career for organisations where transparency and resiliency are essential.”...
...Exclusive: Calpers is considering a vote against ExxonMobil chief Darren Woods’ re-election to the company board as shareholder discontent brews over a lawsuit it filed against two climate-focused investors...
...The formal approval comes two years after Calpers admitted that a decision to put its private equity programme on hold for 10 years had cost it up to $18bn in returns....
...But Calpers has become a poisoned chalice....
...The California Public Employees’ Retirement System (Calpers) announced on Friday that Nicole Musicco would depart on September 29. She is the second woman to be the pension’s CIO....
...Calpers has signalled it will begin a multibillion-dollar push into private equity after a “lost decade” of returns from 2009 to 2018, when its private equity programme was put on hold....
...Calpers, said in October....
...Read more on Calpers here...
...The review did not say by how much Calpers wanted to expand its venture capital investments, but it could be increased to a low double digit percentage of the private equity portfolio, according to Calpers...
...Calpers, the $432bn fund, is in the process of interviewing CIO candidates after the resignation of its former CIO, Nicole Musicco, in September last year....
...“On June 6, 2023, PBI notified Calpers that a previously unknown ‘zero-day’ vulnerability in their MOVEit Transfer Application allowed our data to be downloaded by an unauthorised third party,” Calpers said...
...“So bearing that in mind, Calpers should be participating more in venture.”...
...California’s Calpers as well as state funds in Wisconsin and Texas are among the large funds already using leverage as part of their strategies....
...— Machine-learning the skill of mutual fund managers (Harvard Law) — Should CalPERS fire everyone and just buy some ETFs?...
...Calpers is keen to make new investments into private equity directly, rather than using external managers....
...Calpers, the California pension fund, also told Reuters it had voted for Trian’s nominees because it thought Disney would benefit from “fresh eyes” on its board....
...Among the letter’s signatories are some of the world’s most powerful institutional investors, including NBIM, and large US pension funds Calpers and Calstrs; PGGM, one of the largest Dutch pension fund managers...
...Find out more on the Calpers website. 2. Pharmaceutical group GSK has reached its first legal settlement over allegations its heartburn medication Zantac caused cancer....
...Pension fund investors in Blackstone from New York, North Carolina and Denmark were publicly critical, as was the California Public Employees’ Retirement System (Calpers)....
...Job moves Calpers, the biggest pension fund in the US, has named Stephen Gilmore as its investment chief. He was previously the top executive at sovereign wealth fund New Zealand Superannuation Fund....
...But Frost defended Calpers’ decision to retain stakes in fossil fuel businesses, such as oil companies which deliver steady dividends....
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