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Calpers Chief Investment Officer Highlights ‘Returns Slowing, ‘Lost Decade’ for Private Equity


The nation’s largest pension fund had a scathing performance review on Monday as its new chief investment officer highlighted the pension system’s underperforming returns and estimated it had missed out. $11 billion gain in a “lost decade” for private equity.

Unusually frank presentation to board members of the California Public Retirement System, known as Calpers, shows returns lagging other large pensions in almost every asset class over the past 10 years, with private equity trailing the most, 1.3 percentage points.



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