CalPERS CEO Marcie Frost has called on general partners to provide more detailed data on portfolio companies to help the $613.7 billion pension fund better manage its risk. Speaking at PEI Group's NEXUS 2026 event in Florida, Frost emphasized that increased transparency would enable more effective oversight of capital deployment and valuation practices.

While acknowledging that private markets inherently require some confidentiality, Frost noted that CalPERS' board and stakeholders consistently cite transparency as a key concern. The pension fund cannot access limited partner agreements or other critical information, which Frost said limits their ability to ensure investments are performing as expected. She stressed that if CalPERS' private equity portfolio fails to outperform public markets, the current transparency levels need to be questioned.

Frost highlighted CalPERS' 2022 data convergence project with Carlyle Group, which standardized ESG reporting across six categories including workers' compensation claims and greenhouse gas emissions. This data collection has proven valuable for underwriting managers. To address GP concerns about disclosure risks, Frost noted that CalPERS has legal exemptions protecting all private equity agreements from public release, allowing for enhanced transparency without compromising competitive advantages.