This interview podcast features Marcie Frost, CEO of CalPERS, the largest public pension fund in the US. The conversation begins by discussing the challenges of balancing risk aversion with the need for strong investment returns in a high-profile organization, then transitions to Frost's career journey and the composition of CalPERS's investment committee. A significant portion focuses on CalPERS's strategic asset allocation process, including upcoming decisions on risk appetite, portfolio composition (particularly private markets), and the balance between active and passive management. Finally, the discussion touches upon CalPERS's efforts to cultivate a positive internal culture and improve transparency with stakeholders. A key takeaway is CalPERS's commitment to private markets and its strategic goal of becoming a "first call partner" for fund managers.
