At CalPERS, Bienvenue, who holds the chief investment officer title on an interim basis, is implementing a new strategy that aims for higher returns by using borrowed money and increasing investments in private equity deals, which could be harder to sell in a sudden downdraft than publicly-traded stocks. The fund posted a 4.7 percent return for the fiscal year that ended June 30 and has averaged 6.3 percent over the past five years, short of what’s needed. “Whether 7 is doable or not is an open question,” said Bienvenue. “Even with leverage and even with private assets, we acknowledge that’s a tall order.”

https://www.washingtonpost.com/business/2020/10/03/low-interest-rates/