The Calpers challenge

The biggest U.S. pension plan is dumping celebrated names, demanding more power and making plans to run money itself.


By Britt Erica Tunick

Photographs by Jonathan Sprague


Is it any wonder that Kurt Silberstein is frustrated? “I can’t stress enough how disappointed we were with what happened in 2008,” says Silberstein, the boyish-looking 47-year-old senior portfolio manager who has been running Calpers’ hedge fund activities since 2003.

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