CalPERS assets down 6% in Q1

In a staff memo to the board, chief investment officer Joe Dear said the drop in value could also be attributed to the drops in the domestic and international equity markets.

As of March 31, the California Public Employees Retirement System invested 41.3% in global equity, 13.8% in private equity, 24.9% in global fixed income, 12.1% in real estate, 2.5% in inflation-linked asset class and 5.4% in cash.

CalPERS staff also announced the finalists up for a private equity consulting slot and plans to renew the contracts of its emerging managers if the move is approved at an April 20 investment committee meeting.

CalPERS named Aldus Equity; Brock Capital Group; Ennis, Knupp & Associates and Pension Consulting Alliance as the firms being considered for a private equity consulting slot, according to staff a memo to the committee.

The firm will serve as a consultant to the board and will advise on strategy and policy Analysis, general investment analysis and research, and performance monitoring. All four finalists are existing CalPERS consultants.

Separately, staff recommends renewing the contracts for emerging managers of managers FIS Group and LEIA one year.

Since inception on 1 February 2008 through 28 February 2009, the US$359.9m portfolio was down 41.45%, but outperformed its benchmark by 87 basis points.