Pension Consulting Alliance has been privileged to serve as the Board’s Strategic Consultant for Private Equity (PE) for the California Public Employees’ Retirement System (“CalPERS”) since 2004. During that period, the System's private equity portfolio has grown to over $26 billion and generated competitive rates of return and has been accretive to total fund performance. PCA’s strategic advisory role was unique in that CalPERS was PCA’s only strategic PE advisory client. As is well known, CalPERS has been revisiting its PE investment model in order to make the class more cost-effective.
Coincidentally, Mike Moy, the PCA Managing Director responsible for the CalPERS Private Equity relationship informed us that he had been considering retirement. This combination of circumstances resulted in PCA’s resignation from the CalPERS relationship as of March 16, 2017 and Mike’s retirement announcement.
PCA is now revising its longstanding relationship with the CalPERS Board and Staff, and will be focusing on its General, Real Estate and Responsible Contractor Program services. We thank CalPERS for this assignment.
We look forward to continuing our work assisting and supporting the CalPERS Board and the Staff in addressing the ongoing investment challenges and opportunities the pension plan faces in accomplishing its mission.