As the nations largest pension fund, CalPERS moves are closely watched by other pension administrators, and, in this case, weigh heavily on the question of whether to invest public money in hedge funds and other types of alternative investments.
Figures released this week after shareholder advocates won a court fight for more transparency show the public pension juggernaut invested $13.5 billion in 415 private investment firms specializing in alternative investments. The fund allocated $21.1 billion to such investments but slightly more than one third of that sum is currently sitting on the sidelines.
