Public employees’ retirement security depends on the integrity of the California Public Employees’ Retirement System (CalPERS). However, its CEO, Marcie Frost, is steering the fund into a high-stakes gamble on private equity and private credit, pushing exposure toward 17%. While Frost frames this as a turnaround, a closer look reveals a pattern of misrepresentation and hidden fees designed to enrich Wall Street at the expense of Californians.
Opinion | Public employees doubt CalPERS’ private equity push