David

Why is it important for you to be the global partner of choice for the GPs that you work with?

Why is it important for you to be the global partner of choice for the GPs that you work with?

So you divide it into public and private parts of the market. And the implicit understanding there is that the public side of the market, there's not much alpha there. So you don't want to be spending a lot on management fees. But on the private side, there is a lot of alpha. So you want to partner with managers there.

So you divide it into public and private parts of the market. And the implicit understanding there is that the public side of the market, there's not much alpha there. So you don't want to be spending a lot on management fees. But on the private side, there is a lot of alpha. So you want to partner with managers there.

So you divide it into public and private parts of the market. And the implicit understanding there is that the public side of the market, there's not much alpha there. So you don't want to be spending a lot on management fees. But on the private side, there is a lot of alpha. So you want to partner with managers there.

And you mentioned you want to be the global partner of choice, and there's different ways to do that, whether through JV, through anchor checks. What is CalSTRS ideal way to work with a private manager? And talk to me about the life cycle of partnering with a private manager.

And you mentioned you want to be the global partner of choice, and there's different ways to do that, whether through JV, through anchor checks. What is CalSTRS ideal way to work with a private manager? And talk to me about the life cycle of partnering with a private manager.

And you mentioned you want to be the global partner of choice, and there's different ways to do that, whether through JV, through anchor checks. What is CalSTRS ideal way to work with a private manager? And talk to me about the life cycle of partnering with a private manager.

What does CalSTRS look for in a GP before deciding to do a joint venture?

What does CalSTRS look for in a GP before deciding to do a joint venture?

What does CalSTRS look for in a GP before deciding to do a joint venture?

What are the benefits to the manager of partnering with CalSTRS?

What are the benefits to the manager of partnering with CalSTRS?

What are the benefits to the manager of partnering with CalSTRS?

And you're somebody that I would consider a contrarian thinker. How do you go about incorporating that contrarianism as the CIO of CalSTRS?

And you're somebody that I would consider a contrarian thinker. How do you go about incorporating that contrarianism as the CIO of CalSTRS?

And you're somebody that I would consider a contrarian thinker. How do you go about incorporating that contrarianism as the CIO of CalSTRS?

What specific assets are you shifting towards if you're shifting away from global equities?

What specific assets are you shifting towards if you're shifting away from global equities?

What specific assets are you shifting towards if you're shifting away from global equities?