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Is CalPERS a Sovereign Wealth Fund?
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Abstract
Sovereign Wealth Funds (SWFs) are the subject of intense debate. While these funds are hard to define in precise terms, all agree they are government-sponsored pools of financial assets. With roughly 3trillionundermanagementtodayandforecaststhatsuggestthisnumbercouldapproach10 trillion in under a decade, many wonder what role these public investment funds will play in private markets. Due to SWFsí government sponsorship, some fear that they will be used illegitimately to advance political, instead of commercial, agendas. This geopolitical concern is compounded by a general lack of transparency and a perception among Western analysts of weak accountability and poor governance practices...