CalPERS staff will ask trustees at a Sept. 10 meeting to renew the contracts of its 19 external domestic and 20 international equity managers responsible for a combined $42.1 billion in assets, according to a staff memo to the board. The renewals are part of an annual review of the $247.7 billion California Public Employees Retirement Systems active domestic and international managers. The Sacramento-based fund invests $20.3 billion with its domestic managers and $21.8 billion through its international managers. The contracts renew immediately upon board approval, said spokesman Clark McKinley.
Separately, staff will ask the board to OK a pilot infrastructure investment program that would total between $500 million and $2.5 billion, according to the meeting agenda. The allocation will be part of a new inflation-linked asset class that will also include investments in commodities, inflation-linked bonds and timber. Staff is asking the board to approve the new asset class, although an exact allocation wont be determined until an asset-liability workshop in November. Staff used a 5% inflation-linked allocation for risk-return profile modeling purposes.