California Public Employees’ Retirement System trustees approved the creation of a 5% allocation to opportunistic strategies in June, and by the end of the month had already put $1 billion to work in the space.
The heady pacing was questioned by trustees earlier this month during an investment committee meeting, where staffers outlined the exposures the portfolio would likely take on in the months to come as officials build up a private debt portfolio that is a cornerstone of the system’s so-called 7% solution -- or a way forward to hitting its assumed annualized rate of . . .
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