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California Public Employees' Retirement System CalPERS

PRI reporting framework 2019

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Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework (Not Applicable)


SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Hedge funds - DDQ

Select whether you use the PRI Hedge Fund DDQ

Fund of hedge funds

This is a marginal (less than 1%) and we are moving out of this asset so we do not integrate ESG

Forestry

CalPERS existing forestry investments have independent environmental / sustainbility certifications. Where possible, the practices outlined in Real Assets Sustainable Investment Practice Guidelines are implemented for Forestry investments as well. 

Money market instruments

Strategies from Trust-level Portfolio Management: This is a new program with a target allocation of <0.5% of the total fund. CalPERS is researching whether it is possible to integrate ESG into the securities in this space.

17.2. Additional information.

Sustainable Investment Practice Guidelines: https://www.calpers.ca.gov/page/investments/governance/sustainable-investments-program

The Emerging Manager program invests with newly formed or relatively small firms.

The Transition manager program provides a path of growth and opportunity for emerging managers to compete for entry into our pool of larger established managers.

CalPERS invests $5B in strategies that fall in either of the two programs, including in each asset class.

The objectives are to:

Generate appropriate risk-adjusted investment returns by investing with managers with demonstrated early stage success
To have continued access to investment opportunities with successful firms and increased representation of women and minority owned firms in the CalPERS portfolio
To provide a path of growth and opportunity for emerging managers to build their firms to a size large enough to compete for entry into our pool of larger established managers

Opportunisitic Strategies: The CalPERS Opportunistic Strategies Program enables the Total Fund to access investment opportunities outside of the existing asset classes. It is a new program, and CalPERS is researching whether it is possible to integrate ESG in derivative products.


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