California

US - The California Public Employees' Retirement System (CalPERS) is looking to gain exposure to direct infrastructure assets while building strategic relationships with other investors.

US - The funding level of the three largest Californian pension funds has so far been understated due to the accounting rules used, a study by the Stanford Institute for Economic Policy Research (SIEPR) revealed.

US - The California State Teachers' Retirement System (CalSTRS) will begin debating this week maiden investments in microfinance.

US -California governor Arnold Schwarzenegger equated the state's rising pension costs to a "locomotive" and pledged to make pension reform a priority in 2010 in his annual State of the State address yesterday.

US - The California Public Employees' Retirement System's (CalPERS) president Rob Feckner has urged the other members of the fund's board to support laws which would submit placement agents to the same rules as lobbyists.

US - California governor Arnold Schwarzenegger has signed a bill introducing a hybrid pension plan for Orange County employees paving the way for a two-tiered retirement system.

US - Fitch Ratings has downgraded the rating assigned to the Credit Enhancement Programme (CEP) sponsored by the California State Teachers Retirement System (CalSTRS) to AA+ from AAA.

US - Six firms have agreed to calls by the California State Teachers' Retirement System for greater diversity in their board of directors.

US - CalSTRS is set to review its global equity mandates and will make changes "as necessary" in the wake of losses in excess of 30% last year, the scheme outlined in its 10-year investment plan.

Raquel Pichardo-Allison speaks to Joe Dear, who became the chief investment officer at the US$179bn California Public Employees Retirement System (CalPERS) this year