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CalPERS Moving to All-Passive Investments?
Pension Pulse Link to more items from this source
[Opinion]
Mar. 26, 2013
"[T]he biggest problem at CalPERS for the longest time was they wanted to invest with everyone. When you invest with everyone, you end up paying huge fees and getting back mediocre benchmark returns. This is what happened in their large private equity portfolio ... And this is what is going on in their large real estate and hedge fund portfolios. They're is a lot of cleaning up that needs to be done as these portfolios are dolling out huge fees and not getting the value added to justify such big allocations."

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