As pensions sink, CalPERS gets risky

The California Public Employees’ Retirement System’s new plan to leverage a portion of its assets to invest in private equity and debt has its critics waving red flags.
Reeling from the COVID-19-related economic slowdown, CalPERS needs to boost its slumping earnings. Its latest strategy, however, is so risky that some analysts hear echoes from the last recession.
“It reminds me of what CalPERS did back in 2008,” said Margaret Brown, the only CalPERS board member to vote a