Good morning. Here's today's top stories: 

• CalPERS earned 1.1% in 2011. Its expectation to keep up with liabilities? 7.75%. So really not a good year then.
• The Caisse des Depots et Consignations - sometimes referred to as the ‘armed wing of the French treasury’ – was just downgraded.
• Do something a bit different; go work for Qatar's SWF.
• Ouch: "US pension funds have on average paid 4 per cent of invested capital to private equity each year since 2001."
• This discussion of Israel's new SWF is a bit worrying; lots of strategic plans for what should be a commercial entity. A lot of what’s mentioned is properly housed within budget allocations and should not be under the purview of a SWF (i.e., spending one education).
• Angola's Economy Minister explains why the country has delayed the launch of its new SWF: "...the larger-than-expected impact of the financial crisis on us delayed the process". Fair enough.
• Today makes 201 days without a peep from the International Forum of SWFs. Must be nothing interesting going on in financial markets...
• Korea: NPS’ Jun Kwang-Woo was named the 2011 “CEO of the Year in Asia”, according to Asia Asset Management. Kudos.