The Ledger
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Monk: CalPERS paid $4B in private equity carry over five years
“CalPERS is having it now.
They realize they, what was it, four billion dollars in private equity carry was paid to GPs alone over a five-year period.”
Gilmore: CalPERS compensates staff on total portfolio results, not asset classes
“Some years earlier, Marcy had changed the compensation structure so that everyone got rewarded on the basis of the whole portfolio, not their asset class.”
Gilmore: CalPERS' legacy SAA permitted ~450 bps of active risk
“What we did was to look at how much that variation would aggregate up to in terms of the leeway management had been delegated. We estimated that that amounted to around about 450 basis points of active risk using all the policy ranges.”