CalPERS' Performance Seriously Nosedives: "About What We Expected," Says CIO
Yeesh. The California Public Employees' Retirement System (CalPERS) has had one rough year. According to newly-released information, assets under management at the nation's largest public pension dropped a breathtaking 23.4% between June 30, 2008 and June 30, 2009 -- its steepest-ever year-over-year decline. Moreover, its private equity portfolio lost 31.4% of its value, with a value of $23 billion through March 31 (PE performance is a laggard). In a statement, CalPERS' new(ish) chief investment officer Joe Dear called the results unsurprising. "It is about what we expected given the collapse of markets across the globe,” he said. “The good news is we have the opportunity to capture future returns because of our long-term investment horizon. The System has
