CalPERS gambles on private equity
One of the worst arguments for making a risky investment is that the monthly bills are so high, there’s no other way to pay them.
That’s the path to Gamblers Anonymous, and now it is also the long-term plan of CalPERS, the California Public Employees’ Retirement System, to meet its pension obligations. It will place more “bets,” as the Wall Street Journal termed the investments, on private equity.
“We need private equity, we need more of it, and we need it now,” CalPERS...