The board of Calpers, the nation’s largest pension fund, voted to use borrowed money and alternative assets to meet its investment-return target, even after lowering that target just a few months ago
The board of the nation’s largest pension fund voted Monday to use borrowed money and alternative assets to meet its investment-return target, even after lowering that target just a few months ago.
The move by the $495 billion California Public Employees’ Retirement System reflects the dimming prospects for safe publicly traded investments by households and institutions alike and sets a tone for increased risk-taking by pension funds around the country.
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