Why CalPERS, the country’s largest pension fund, is getting into banking

Retired DMV clerks, former firefighters and aging government bean-counters across California, put on your three-piece suits: You might be getting into the banking business.
The California Public Employees’ Retirement System, which manages a nearly $400 billion basket of nest eggs for retired public workers across the state, is wading into the rollicking market for private debt.
It used to be that lending directly to small and medium-sized companies not traded on public stock exchanges was