Meketa Investment Group delivered its Private Equity Program Annual Review to CalPERS at the November 18 Investment Committee Meeting. Meketa's assessment underscored the challenges facing the largest U.S. pension plan in staying deployed in scale: Program NAV ended the 2018-2019 fiscal year down 3.0% at $26.5 billion as private equity distributions of $7.4 billion more than offset contributions of $4.6 billion. CalPERS made 18 commitments during the year, which included two commitments to new managers. Increased co-investments and an expanded manager list are among the initiatives aimed at raising CalPERS' private equity exposure in the coming year.
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