University of California panel wants private equity

The University of California Academic Council strongly recommended the investment advisory committee include private equity in a new 457 plan, as well as in its existing $8 billion 403(b) plan. The 457 plan will be launched later this year. Separately, UC trustees are expected to choose finalists later this week in their search for an investment consultant for the $43 billion in endowment and pension funds. Incumbent Wilshire Associates' contract expired at the end of March.