Justin Mitchell
Recently hired CIO Seth Kelly wants to think about the $34.8bn pension's public and private equity holdings in 'totality'.
Representatives Maxine Waters of California and Joyce Beatty of Ohio included the two big private equity players among a list of 31 investment managers who received the letter.
Sung Won Sohn made his comments during a discussion about potentially upping the $21.4bn pension's PE allocation.
The $286bn pension will source private equity co-investments through its already-existing programme.
The $445bn pension's commitments to the lower-fee structures significantly dwarfed its fund commitments in its latest investment report.
California's second-biggest public pension has been growing its co-investment programme steadily for several years as part of its system-wide 'Collaborative Model.'
Wayne Moore also asked that staff and JP Morgan, which runs the private equity emerging manager programme, provide more information about the demographic make-up of its GPs.
Some board members have voiced concerns about the pace at which the $20bn pension is implementing plans to branch out into secondaries and co-investments.
Staff had predicted a major comeback for the $80bn pension's PE programme at previous meetings, saying relative underperformance earlier this year was due to a 'benchmarking anomaly'.
The $41.9bn endowment has made progress in growing its private equity portfolio while shedding older illiquid assets that have weighed on performance.
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