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August 20, 2019 Investment Committee Open Session Meeting

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August 20, 2019 Investment Committee Open Session Meeting MEETING STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM BOARD OF ADMINISTRATION INVESTMENT COMMITTEE OPEN SESSION ROBERT F. CARLSON AUDITORIUM LINCOLN PLAZA NORTH 400 P STREET SACRAMENTO, CALIFORNIA TUESDAY, AUGUST 20, 2019 8:34 A.M. JAMES F. PETERS, CSR CERTIFIED SHORTHAND REPORTER LICENSE NUMBER 10063 J&K COURT REPORTING, LLC 916.476.3171 A P P E A R A N C E S COMMITTEE MEMBERS: Mr. Rob Feckner, Chairperson Ms. Theresa Taylor, Vice Chairperson Ms. Margaret Brown Mr. Henry Jones Ms. Fiona Ma, represented by Mr. Matthew Saha Ms. Lisa Middleton Mr. David Miller Ms. Stacie Olivares Ms. Eraina Ortega Ms. Mona Pasquil Rogers Mr. Jason Perez Mr. Ramon Rubalcava Ms. Betty Yee STAFF: Ms. Marcie Frost, Chief Executive Officer Mr. Matt Jacobs, General Counsel Dr. Yu (Ben) Meng, Chief Investment Officer Mr. Dan Bienvenue, Interim Chief Operating Investment Officer Ms. Caitlin Jensen, Committee Secretary Ms. Anne Simpson, Investment Director J&K COURT REPORTING, LLC 916.476.3171 A P P E A R A N C E S C O N T I N U E D ALSO PRESENT: Mr. Dave Elder Mr. John Griswold, Chartered Financial Analysts Institute Mr. Hiromichi Mizuno, Government Pension Investment Fund, Japan J&K COURT REPORTING, LLC 916.476.3171 I N D E X PAGE 1. Call to Order and Roll Call 1 2. Approval of the August 20, 2019 Investment Committee Education Workshop Timed Agenda 2 3. Investment Education Workshop #3 a. Guest Keynote: “The GPIF Endeavor as a Cross-Generation, Universal Investor: Aligning Interests for Long-Term Value Creation”, Hiromichi Mizuno, Executive Managing Director, Chief Investment Officer, Government Pension Investment Fund, Japan 2 b. Public Markets Part Two: Global Equity – Anne Simpson, John Griswold, Chartered Financial Analysts Institute 88 4. Public Comment 152 Adjournment 155 Reporter's Certificate 156 J&K COURT REPORTING, LLC 916.476.3171 1 1 P R O C E E D I N G S 2 CHAIRPERSON FECKNER: If we could all please take 3 our seats, we'd like to call the workshop to order. 4 First order of business will be to call the roll. 5 COMMITTEE SECRETARY JENSEN: Rob Feckner? 6 CHAIRPERSON FECKNER: Good morning. 7 COMMITTEE SECRETARY JENSEN: Theresa Taylor? 8 VICE CHAIRPERSON TAYLOR: Here. 9 COMMITTEE SECRETARY JENSEN: Margaret Brown? 10 COMMITTEE MEMBER BROWN: Present. 11 COMMITTEE SECRETARY JENSEN: Henry Jones? 12 COMMITTEE MEMBER JONES: Here. 13 COMMITTEE SECRETARY JENSEN: Fiona Ma represented 14 by Matt Saha? 15 ACTING COMMITTEE MEMBER SAHA: Here. 16 COMMITTEE SECRETARY JENSEN: Lisa Middleton? 17 COMMITTEE MEMBER MIDDLETON: Present. 18 COMMITTEE SECRETARY JENSEN: David Miller? 19 COMMITTEE MEMBER MILLER: Here. 20 COMMITTEE SECRETARY JENSEN: Stacie Olivares? 21 COMMITTEE MEMBER OLIVARES: Here. 22 COMMITTEE SECRETARY JENSEN: Eraina Ortega? 23 COMMITTEE MEMBER ORTEGA: Here. 24 COMMITTEE SECRETARY JENSEN: Jason Perez? 25 COMMITTEE MEMBER PEREZ: Here. J&K COURT REPORTING, LLC 916.476.3171 2 1 COMMITTEE SECRETARY JENSEN: Mona Pasquil Rogers? 2 COMMITTEE MEMBER PASQUIL ROGERS: Here. 3 COMMITTEE SECRETARY JENSEN: Ramon Rubalcava? 4 COMMITTEE MEMBER RUBALCAVA: Here. 5 COMMITTEE SECRETARY JENSEN: Betty Yee? 6 COMMITTEE MEMBER YEE: Here. 7 CHAIRPERSON FECKNER: Thank you. 8 The next order of business will be to approve the 9 Committee timed agenda. What's the pleasure of the 10 Committee? 11 VICE CHAIRPERSON TAYLOR: Move approval. 12 COMMITTEE MEMBER MILLER: Second. 13 CHAIRPERSON FECKNER: Moved by Taylor, seconded 14 by Miller. 15 Any discussion on the motion? 16 Seeing none. 17 All in favor say aye? 18 (Ayes.) 19 CHAIRPERSON FECKNER: Opposed, no? 20 Motion carries. Thank you. 21 Item 3, the Investment Education Workshop. 22 Mr. Meng. 23 (Thereupon an overhead presentation was 24 presented as follows.) 25 CHIEF INVESTMENT OFFICER MENG: Thank you, Mr. J&K COURT REPORTING, LLC 916.476.3171 3 1 Chair. Good morning, members of the Investment Committee. 2 So today, we continue with our Board education workshop. 3 And we are actually honored to have two distinguished 4 guest speakers with us today. 5 So first, we have -- I will introduce the first 6 speaker and then my colleague Dan Bienvenue will introduce 7 the second speaker. 8 So the first guest speaker we have is Mr. Hiro 9 Mizuno, the Chief Managing Director and Chief Investment 10 Officer of Japan -- the Government Pension Investment Fund 11 of Japan, the GPIF, the largest pension fund in the world 12 and one of the largest pool of assets in the world. 13 You have his bio in front of you. And I was 14 trying -- I was hoping to find an abridged version of his 15 bio on Google. And that was a mistake last night. 16 (Laughter.) 17 CHIEF INVESTMENT OFFICER MENG: It goes on pages 18 after pages. It's sufficient to say that, you know, Mr. 19 Mizuno joined GPIF in January 2015. And since then he has 20 served as the Executive Managing Director and Chief 21 Investment Officer. And prior to joining GPIF he was a 22 partner of Coller Capital, a London-based private equity 23 firm. 24 Later you will see that in his presentation, his 25 experience working as a GP in the private equity industry J&K COURT REPORTING, LLC 916.476.3171 4 1 has really benefited him and the GPIF in terms of 2 designing their program. And also as you will learn later 3 that GPIF managed almost all, if not all, the assets by 4 external managers. 5 So the relationship between GPIF and the GP 6 communities is of more critical importance to them. In 7 contrast, we manage about 80 percent asset in-house, but 8 still we have 20 percent asset manage externally so we can 9 really learn a lot from Hiro's creative thinking in terms 10 of designing long-term alignment in terms of economic 11 interest with the GPs, and also in terms of applying ESG 12 principles. And in the time horizon how to become a 13 long-term investor when we engage external partners. 14 Before he joined the private equity firm, he 15 worked at Sumitomo Trust Bank in Japan, Silicon Valley, 16 and in New York. He's also a member of the Board and 17 Asset Owner Advisory Committee of PRI, co-chair of the 18 Milken Institute of Global Capital Markets Advisory 19 Council. He's also the founding member of Climate Finance 20 Leadership Initiative, the Global Investors for 21 Sustainable Development, Alliance Member, and Global 22 Business Coalition for Education Advisory Board Member, 23 and also Asia Advisory Group Member of Climate Action 24 100+. 25 And as you see that these are the activities at J&K COURT REPORTING, LLC 916.476.3171 5 1 CalPERS. We have been actively engaging, and Hiro and 2 GPIF has been a great partner with us on these important 3 global initiatives. So for that, we want to thank him and 4 GPIF for their great partnership working with us. 5 I could go on. You know there's a long list of 6 his -- also participation with Japanese government at 7 different levels, and also his involvement with the 8 academic community. So it's suffice to say that his -- in 9 addition to be one of the global leader, as a 10 practitioner, he's also a global leader in academic, the 11 thought leader as well. 12 So without further ado, I will turn over to Mr. 13 Mizuno who will share with us on how to design a long-term 14 relationship with GPs to align with the economic terms and 15 our value. 16 So with that, please put a round of applause 17 together. 18 (Applause.) 19 MR. MIZUNO: Good morning ladies and gentlemen. 20 And it's my real privilege to be able to present GPIF and 21 our strategy to world famous CalPERS Board. I cannot -- I 22 cannot help calling you judges, because you are appear to 23 be like judges to me. So it's a bit intimidating, but I 24 try not to be intimidated and try to be open to share with 25 you what we are trying to achieve at GPIF. And also as J&K COURT REPORTING, LLC 916.476.3171 6 1 Ben mentioned, we regard CalPERS as our most important 2 strategic partner. And we also think we are most alike 3 with each other, because they are -- when we talk about 4 the business model of the public pension fund global asset 5 owners, a lot of people try to compare GPIF with the other 6 CPPIB, Canadian, or like Norges and some Scandinavians. 7 But they're working in very different regulatory framework 8 or environment. 9 So I always feel like CalPERS -- and also the -- 10 I saw the other -- my friend from CalSTRS in the audience, 11 but we -- I always feel like CalPERS and CalSTRS are our 12 closest allies in terms of the environment we operating, 13 and the -- sort of the significance in their and our 14 capital markets. So I, first of all, want to express my 15 gratitude for a continuous relationship and a partnership 16 between GPIF and CalPERS. 17 So today, I really don't know exactly what 18 interest the Board -- the CalPERS Board about what we have 19 been doing. So let me start with the introduction of GPIF 20 to you, who we are and how we operate. And I think there 21 maybe interest -- is of interest of CalPERS Board how the 22 Board should or would work with the investment team to 23 optimize our performance.
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