CalPERS Panel Rejects Change to Private Equity Policy

On Monday, a CalPERS committee in a voice vote said that the fund's staff could not remove language from a written policy requiring them to meet a benchmark for private equity investments. The proposed policy change was criticized by financial experts who said it would allow CalPERS to invest in the Wall Street sector without requiring higher returns to compensate for the additional risk.

• "CalPERS Shelves Controversial Private Equity Policy" (Petersen, Los Angeles Times, 12/14).