Tag: Private equity

CalPERS Digs Its Ben Meng Defenestration Hole Deeper: Claims Knowledge of Abuse Months Ago; Notice for Emergency Closed Session Legally Invalid Unless CEO Frost’s Job Is on the Line

CalPERS looks more and more like the gang that can’t shoot straight. CalPERS’ PR department is flogging a new Bloomberg story about the unseemly departure of Chief Investment Officer Ben Meng , which means the pension fund planted it and is pleased with it. In fact, as one prominent beneficiary said, “It’s ironic that they […]

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CalPERS Chief Investment Officer Ben Meng Resigns Following Our Exposing His False, Felonious Financial Disclosure Filings and Private Equity Conflicts of Interest

CalPERS Chief Investment Officer Ben Meng resigned effective Wednesday August 5. This was less than three days after we exposed Meng having made multiple felonious1 false statements on financial disclosure forms as well as holding investments in private equity firms when CalPERS was making multi-hundred-billion dollar commitments to them.2 Since Meng was seen in the […]

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New Study Slams Public Pension Funds’ Alternative Investments as Drag on Performance, Identifies CalPERS as One of the Worst “Negative Alphas”; Shows Folly of CalPERS’ Desperate Plan to Increase Private Equity and Debt and Go Bigger Using Leverage

We are embedding an important new study by Richard Ennis, in the authoritative Journal of Portfolio Management,1 on the performance of 46 public pension funds, including CalPERS, as well as of educational endowments. Ennis’ conclusions are damning. Both the pension funds and the endowments generated negative alpha, meaning their investment programs destroyed value compared to […]

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