CalPERS Dumps Fund Manager

The California Public Employees’ Retirement System announced Monday that it is severing its ties with the Pacific Corporate Group, which had managed three of the giant pension fund’s investment vehicles.

CalPERS cited its “ongoing strategic review” as its reason for the action. The Sacramento Bee noted that the firm had close ties to Alfred Villalobos, a former CalPERS board member who has been revealed to have received tens of millions of dollars in commissions from funds that received CalPERS investments.

Aviva Capital LLC, a former joint-venture partner with PCG that managed two emerging markets investment vehicles, will continue as manager.

CalPERS tapped Capital Dynamics to take over management of its clean energy and technology fund, which was launched in 2007 and previously managed by PCG.

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