[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-280358-105":53,"doc-detail-280358-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","memorandum-calpers-private-equity-program-annual-review-november-16-2015","MEMORANDUM - CalPERS Private Equity Program Annual Review - November 16, 2015","","Memorandum dated November 16, 2015 from Pension Consulting Alliance, LLC (“PCA”) to Henry Jones, Chairman, Investment Committee, providing PCA’s annual review of the CalPERS Private Equity (“PE”) Program. It evaluates program performance versus public equities and policy benchmarks, assesses underwriting and risk strategy for a core group of 30 managers, and reviews monitoring and internal controls, including implementation of the PEARS solution. The review also covers ESG considerations, alignment with CalPERS’ Investment Beliefs, staffing, and the evolving private equity environment.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/memorandum-calpers-private-equity-program-annual-review-november-16-2015/280358/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/memorandum-calpers-private-equity-program-annual-review-november-16-2015/280358.png","ImageObject",442,249,{"name":88,"@type":89},"Olivia Brown","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-29","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",10,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What topics does the annual review cover for the CalPERS Private Equity Program?","Question",{"text":109,"@type":110},"The review covers program performance, risk, manager selection and monitoring processes, internal control processes, staffing, ESG matters, implementation of CalPERS’ Investment Beliefs, and the current private equity environment.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How did the PE Program perform over the 10-year and 20-year periods ending June 30, 2015?",{"text":114,"@type":110},"On a time weighted, net basis, the Program outperformed public equities by 480 basis points over the 10-year period. Over the 20-year period, the outperformance was 410 basis points, with noted results versus the policy benchmark for each period.",{"name":116,"@type":107,"acceptedAnswer":117},"What strategy changes are planned for underwriting and risk management in the coming five years?",{"text":118,"@type":110},"The Program will continue opportunistically allocating capital to a core group of 30 managers to reduce portfolio complexity and leverage larger best-in-class managers, while responding to challenges in accessing allocation levels with top-quartile managers.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},280358,1790196973,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":8,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":79},16904993612988,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","MEMORANDU M  \nDate: November 16, 2015  \nTo: Henry Jones, Chairman, Investment Committee From: Pension Consulting Alliance, LLC (“PCA”)  \nRE: CalPERS Private Equity Program Annual Review  \nThis memorandum represents PCA’s annual review of the CalPERS Private Equity (“PE”) Program and contains PCA’s opinions as to the Program’s performance, risk, manager selection and monitoring processes, internal control processes and staffing. This review also addresses ESG matters related to the PE Program, the implementation of CalPERS’ Investment Beliefs within the Program and the current private equity environment.  \nExecutive Summary  \nPrivate Equity Environment: The private equity industry has received significant attention in recent months, much of which has centered on the issues of fees, transparency and alignment of interests. In general, there is a movement toward greater transparency that is being achieved through stronger negotiation by investors such as CalPERS and increased scrutiny by regulators and overseers. These issues have come to the fore at a time of robust fundraising and consistent oversubscription to the most sought after funds, which, absent legislation, may have the effect of slowing down the pace of change. The ultimate outcome of the transparency movement will not be known for some time, but incremental changes have already begun.  \nPerformance: Despite the publicity and related distractions surrounding the private equity industry and CalPERS’ PE Program, on a time weighted, net basis, the Program outperformed public equities by 480 basis points (“BPS”) during the ten-year period ended June 30, 2015. Over the 20-year period ended June 30, the outperformance amounted to 410 BPS. The PE Program underperformed the policy benchmark for the 10-year period by 344 BPS and outperformed that same benchmark for the 20-year period by 88 BPS. It has clearly fulfilled its role of enhancing longterm returns in the portfolio despite the variations from the policy benchmark.  \nUnderwriting and Risk: In connection with CalPERS’ 2020 vision, the PE Program is, and over the next five years will continue implementing a strategy of opportunistically allocating capital to a core group of 30 managers in an effort to reduce the portfolio’s complexity and optimize the strategic advantages of working with a limited group of larger, best-in-class managers. Transitioning to this new strategy has presented a challenge to the Program in accessing required allocation levels with top-quartile managers. The demand from other large investors pursuing similar allocations has led to more demand than supply. This strategy has also resulted in expanding CalPERS’ commitments to multi-product managers that have demonstrated the ability to generate top tier results in certain, but not all, strategies. Furthermore, staff has recognized that top-quartile performance is not a permanent characteristic of managersand is closely monitoring the composition of this select group of managers. In PCA’s opinion, this isan appropriate response to the challenge.  \nMonitoring and Internal Controls: The implementation of the Private Equity Accounting and Reporting Solution (“PEARS”) is a meaningful step forward that will facilitate the aggregation and reporting process. One expected outcome will be increased transparency, particularly with  \nrespect to portfolio company feesand expenses and carried interest. It will differentiate CalPERS’PE Program from those conducted by almost all other large private equity investors. PEARS’implementation will be a multi-phase, multi-year process and should not be considered an immediate panacea. Further, the additional information to be captured by PEARS, particularly relating to carried interest and portfolio company fees, is prospective and therefore meaningful data in comparative form may not be available for several years.  \nOverall, the processes, procedures and practices that staff employs to execute and manage the PE Program ","cbCaimIIMASyCnNk","https://ap.wps.com/l/cbCaimIIMASyCnNk","pdf",121850,"English","# Executive Summary\n## Private Equity Environment\n## Performance\n## Underwriting and Risk\n## Monitoring and Internal Controls","[{\"question\":\"What topics does the annual review cover for the CalPERS Private Equity Program?\",\"answer\":\"The review covers program performance, risk, manager selection and monitoring processes, internal control processes, staffing, ESG matters, implementation of CalPERS’ Investment Beliefs, and the current private equity environment.\"},{\"question\":\"How did the PE Program perform over the 10-year and 20-year periods ending June 30, 2015?\",\"answer\":\"On a time weighted, net basis, the Program outperformed public equities by 480 basis points over the 10-year period. Over the 20-year period, the outperformance was 410 basis points, with noted results versus the policy benchmark for each period.\"},{\"question\":\"What strategy changes are planned for underwriting and risk management in the coming five years?\",\"answer\":\"The Program will continue opportunistically allocating capital to a core group of 30 managers to reduce portfolio complexity and leverage larger best-in-class managers, while responding to challenges in accessing allocation levels with top-quartile managers.\"}]","MEMORANDUM - CalPERS Private Equity Program Annual Review - November 16, 2015 | PDF",1789537975]