Calpers, the California pension fund 13 times that size, has just 100 money managers.
That goes doubly with the sorts of funds that Calpers boasts have yielded its highest returns.
"We think the timing is right" to sell, says Brad W. Pacheco, a Calpers spokesman.
Is, as the Web site proclaims, private equity the strongest long-term performing asset class in Calpers' portfolio?
Stockton's City Manager Bob Deis testified that CalPERS is a trustee for city employees, not a creditor.
In other words, investors have flocked to these managers supported by Calpers, only to experience lackluster performance.
FORBES: Calpers Involvement Is No "Good Housekeeping Seal of Approval"
These include giant state funds like CALPERS and CALSTRS. As trustees, pension fund managers truly are fiduciaries.
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Philippine officials had contacted Calpers to point out that its consultant, Wilshire Associates, was using outdated information.
In June of 2012, Calpers lowered the expected rate of return on its portfolio to 7.5% from 7.75%.
These other investors pile into investment funds that are, in one way or another, substantially supported by Calpers.
FORBES: Calpers Involvement Is No "Good Housekeeping Seal of Approval"
Calpers said its rewritten investment criteria make it the first public pension fund to look beyond traditional economic factors.
As is well known, decisions at Calpers often have a dramatic and far-reaching impact upon the world on investing.
FORBES: Calpers Involvement Is No "Good Housekeeping Seal of Approval"
Surprisingly, CalPERS still owns stock in Citic Pacific, an affiliated Hong Kong-based company.
CalPERS invests the retirement savings for over 1.6 million public employees, retirees, and their families and more than 3, 000 public employers.
Calpers, the largest pension fund in the US, has earned a reputation for holding companies to account for share price falls.
Calpers' exit from the South East Asian nations came as a shock - especially because it was not just for financial reasons.
Calpers' review in February looked at a range of issues, including labour practices, political risk, market volatility and regulation, and investor protection.
Yes, Calpers does own money managers, as well as invest with them.
FORBES: Calpers Involvement Is No "Good Housekeeping Seal of Approval"
Calpers has often said that socially responsible investing has enhanced its returns.
Our 77-year investment records show that CalPERS' portfolio gains significantly increased when the Board removed restrictions on global stock investing in the mid-1960s.
Barry Gonder, head of Calpers' alternative investments program, says the fund was impressed with the star power on the Weisel fund's advisory board.
When Calpers hires or supports investment advisers or managers who are unworthy stewards of capital, the nation and indeed the entire world suffers.
FORBES: Calpers Involvement Is No "Good Housekeeping Seal of Approval"
Mr. Enthoven's reform models were the Federal Employees Health Benefits Program, created in 1959, and Calpers, the California health-insurance program for public employees.
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The June funded ratio, which measures assets to liabilities. is only 74% for CalPERS even using a high-rate of return assumption for its investments.
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Calpers acknowledged last month that the shift it started in 2011 from risk and toward more-stable property investments is proving tougher than it expected.
Meanwhile, Calpers and its cross-country cousin, the New York State Common Fund, reportedly have been heavily influenced by political considerations in selecting private equity managers.
The more Chapter 9 filings, the less money Calpers receives, and the more strain on the fictional expected rate of return until the boiler bursts.
CalPERS under Mr Harrigan may have lost sight of its main objective of boosting returns for its 1.4m pensioners by straying too far into politics.
Like many Californian cities, notes Kevin Klowden of the Milken Institute in Los Angeles, it handed management of its pensions to CalPERS, a statewide fund.
Whether Calpers is ready for such soul-searching remains to be seen.
FORBES: Calpers Involvement Is No "Good Housekeeping Seal of Approval"
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