California Code of Regulations › Title 2 - Administration › Division 1 - Administrative Personnel › Chapter 2 - Board of Administration of Public Employees' Retirement System › Subchapter 1 - Employees' Retirement System Regulations › Article 2 - Administration › Section 557 - External Investment Resource Conflict of Interest

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Definitions:
(1)
Conflict of Interest.
Conflict of Interest or Conflict means those circumstances that create the
					 significant likelihood for the External Investment Resource to be unable to
					 provide unbiased information, advice, or services to CalPERS. A Conflict may
					 arise from activities and interests of the External Investment Resource, the
					 Key Personnel of the External Investment Resource, or the Key Personnel's
					 spouse, domestic partner, child or sibling.
(2)
Committee.
The
					 California Public Employees' Retirement System, Board of Administration
					 Investment Committee.
(3)
Consultant.
Consultant refers to individuals or firms, and
					 includes Key Personnel of Consultant firms, who are contractually retained by
					 CalPERS to provide investment advice to CalPERS but who do not exercise
					 investment discretion.
(4)
Disclosable Interest.
Disclosable Interest is any interest or
					 circumstance that may give rise to an actual, potential or perceived
					 Conflict.
(5)
External
					 Investment Resource.
Any Consultant, External Manager or other entity
					 which provides any investment management or investment advisory services
					 related to the administration of CalPERS investment programs. An External
					 Investment Resource does not include a general consultant who provides
					 strategic planning, project management or general administrative or operational
					 services unrelated to specific investment transactions or decisions.
(6)
External Manager.
External Manager means either of the following:
(A) A Person who is seeking to be, or is,
					 retained by CalPERS to manage a portfolio of securities or other assets for
					 compensation, or
(B) A Person who
					 manages an Investment Fund and who offers or sells, or has offered or sold, an
					 ownership interest in the Investment Fund to CalPERS.
The External Manager usually has full discretion to
						manage CalPERS assets, consistent with investment management guidelines
						provided by CalPERS and fiduciary responsibility.
(7)
Form ADV.
Form ADV
					 (17 C.F.R. §
													279.1) is the standardized form used by
					 investment advisers to register with the Securities and Exchange Commission or,
					 if applicable, a state securities authority.
(8)
Investment Fund.
Investment fund means a private equity fund, public equity fund, venture
					 capital fund, hedge fund, fixed income fund, real estate fund, infrastructure
					 fund, or similar pooled investment entity that is, or holds itself out as
					 being, engaged primarily, or proposes to engage primarily, in the business of
					 investing, reinvesting, owning, holding, or trading securities or other
					 assets.
(9)
Key
					 Personnel.
Persons who will exercise a significant role in providing
					 to CalPERS the services required under an assignment or contract.
(10)
Staff.
Staff refers to
					 CalPERS Investment Office staff.