Insurance Q&A

March 28, 2013

California pension fund loses millions on green tech: ‘A noble way to lose money’

Filed under: Uncategorized — rrroark @ 6:26 pm

California’s public employee pension system has lost millions of dollars on its green investments, which a top investment officer for the fund called “a noble way to lose money.”

Joseph Dear, CalPERS’ chief investment officer, made the comments at the Wall Street Journal’s ECO:nomics conference this week, where he said the pension fund has pulled back on its clean energy investments to avoid losing even more.

“We’re all familiar with the J-curve in private equity. Well, for CalPERS, clean-tech investing has got an L-curve for ‘lose,’ Dear told the conference, the Sacramento Bee reported. “Our experience is that this has been a noble way to lose money. And we’re not here to lose money. We have dialed back.”

via California pension fund loses millions on green tech: ‘A noble way to lose money’ | WashingtonExaminer.com.

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