I would have initially presumed that Calpers and Calstrs would have eschewed chasing returns in the sketchy, unaudited Chinese market, but it turns out my presumption would have been wrong.

Hell, Calpers even turned over management of their whole damn fund to a Chinese national. 😲

They can get wrecked.

For a large fund such as CalPERS, which has more than $400 billion under its management, the choice to invest in Chinese companies is directly related to its managers, Xie said. Meng Yu, the fund’s former chief investment officer, is of Chinese descent and once said his “roots are in China.” Prior to joining CalPERS in January 2019, Meng served as deputy chief investment officer at China’s State Administration of Foreign Exchange, which manages more than $3 trillion in foreign exchange reserves.

https://m.theepochtimes.com/california-pension-fund-increased-investment-in-chinese-a-shares-amid-sec-investigation_4026233.html

http://www.capoliticalreview.com/capoliticalnewsandviews/calstrs-massive-investments-in-china-but-disinvests-from-american-companies/