California Dreamin’

CalPERS is taking its time investing the $1 billion it set aside for hedge funds four years ago. Now CIO Mark Anson has set his sights even higher -- toward $5 billion.

At 9:45 on a Monday morning in mid-November 2000, the 13 members of the California Public Employees’ Retirement System’s board gathered in a spacious conference room at the Crowne Plaza Hotel, just a few miles from the Los Angeles International Airport. By the time their meeting adjourned seven hours later, they had made a momentous decision: CalPERS would invest $1 billion of its $170 billion in hedge funds.

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