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CalPERS sets questionable private equity course

Photo by Max Whittaker/Getty Images

There are only three things in life you can count on: Death, taxes and CalPERS doing strange stuff with private equity.

Why it matters: CalPERS is the California Public Employees' Retirement System, which is the country's largest public pension with around $350 billion in assets under management. Of that, around $25 billion is invested in private equity.