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Callers press CalPERS to sell Tesla and to release private‑equity liquidation data
Summary
Multiple public commenters at the CalPERS off‑site urged the board to divest from Tesla and to scrutinize private‑equity reporting; a retiree alleged CalPERS uses time‑weighted returns for private equity and requested liquidated‑fund reports under the PRA.
Public commenters used the off‑site to press CalPERS trustees on holdings and reporting transparency.
Several in‑person and remote speakers urged the board to sell all Tesla holdings and avoid investing in Elon Musk‑controlled companies. Edward Hasbrook and Ruth Rudetsky, speaking in the room, said staff decisions and a withheld March assessment made public confidence difficult. "Release that report," Hasbrook said, urging the board to publish the staff analysis that supported the decision to retain Tesla.
Separately, caller Larry Woodson told trustees that CalPERS' private‑equity team is using time‑weighted return (TWR) methodologies to present private‑equity performance and argued that TWR is not the appropriate measure for illiquid private investments. Woodson said he had received a limited table of liquidated funds (2022–24) via a PRA request and calculated a money‑weighted average return of about 6% on liquidations—well below the headline TWR figures staff had presented, he said. He urged the board to request liquidated‑fund reports and re‑examine the methodology.
Other callers and in‑room speakers (Anna Fazio, Tom Pattinson, Ralph Bellart, Helen Graves) raised related corporate‑governance concerns about large technology issuers (Tesla/SpaceX) and questioned whether political/operational risks tied to China and executive compensation had been fully vetted.
President Theresa Taylor reminded the public that the board does not respond to public comment during the meeting. The board did not take action on divestment during the open session; staff and trustees took public comment for future consideration.
Key claims in public comment: - Edward Hasbrook: staff withheld a March staff report on Tesla under PRA guidance; public release was urged. - Larry Woodson: claimed PE team uses TWR for private equity; requested liquidated‑fund reports and further scrutiny.
The board moved on to manager presentations after the public‑comment period; no formal votes were recorded in the open session.
