E78: Fmr. CIO of CalPERS ($495 Billion) on Private Markets Investing

Dr. Russell Read, current CIO at 10X Capital, and former CIO at CalPERS, CIO of Alaska Permanent Fund and CIO of the Gulf Investment Corporation sits down with David Weisburd to discuss his extensive career as a premier investment professional. They dive into how large scale pensions allocate to private markets, how those plans structure co-investment programs and design a theoretical allocation strategy. (0:00) Introduction and financial impact of median performance (1:05) Dr. Russell Read's background and challenges at CalPERS (2:18) International investments and private market allocation strategies (4:25) Scalable assets and co-investment program structures (7:09) Staffing effectiveness and the Alaska Permanent Fund transition (11:18) The role of external consultants and understaffing issues (13:53) Sponsor: 10X Capital Podcast Newsletter (14:17) Geographic focus and co-investment market dynamics (17:23) Launching a new investment program and lessons from Ontario Teachers' plan (19:40) Size considerations in alternative investments (21:52) Liquidity premium and asset management strategy with Dr. Russell Read (24:58) CIO reflections and final thoughts on market opportunities (27:35) Bonus question on the 60/40 investment model (29:21) Closing remarks and appreciation