Private Equity Annual Program Review
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<strong>Private</strong> <strong>Equity</strong> <strong>Annual</strong> <strong>Program</strong> <strong>Review</strong><br />
Attachment 1, Page 34 of 34<br />
Conclusion<br />
• PE has met the return expectation of the ALM Assumptions<br />
• PE is progressing with significant restructuring and portfolio<br />
rebalancing<br />
• <strong>Private</strong> <strong>Equity</strong> Accounting and Reporting Solution (PEARS) went live<br />
on October 1, 2015 with Release 1<br />
• Overall, PE is making progress, reducing costs and complexity, in<br />
order to improve long-term performance<br />
• The competitive landscape and excess demand from Limited<br />
Partners limits CalPERS ability to reduce cost and drive terms<br />
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