Spotlight: CalPERS Revamps Private Equity Investing

The $103-billion California Public Employees’ Retirement System is revamping its procedures for investing in private equity markets. The nation’s largest public pension fund said that it will combine three existing private-equity-market investment programs into a new one that will allow it to more quickly react to market trends. “Essentially, what we are doing is streamlining the portfolio to make it easier for us to work in the private equity market,” spokesman Brad Pacheco said.