Overview

• During the Aug. 28–Sept. 29 voting window for two board seats, CalPERS sent members a note crediting private equity for last year’s 11.6% return, calling it a major driver of performance.
• Challengers Steve Mermell and Dominick Bei and former board member Margaret Brown said the timing creates an appearance of institutional influence, while CalPERS said the note accompanied a board discussion of results and a proposed total-portfolio approach.
• About 1.7 million members are eligible to vote for the two seats on the 13-member board of the $584 billion pension fund that serves roughly 2 million people.
• Public‑sector unions assembled a $660,000 independent‑expenditure effort, and construction and trade unions added substantial new money, making this likely the most expensive CalPERS election on record.
• Incumbent Jose Luis Pacheco reported a record $184,000 in direct contributions, including over $54,000 from trades unions, as slates backed by SEIU/CSEA (David Miller and Troy Johnson) and by construction/public‑safety unions (Pacheco and Dom Bei) clash over investment strategy and contractor standards.