Newsom calls on CA pension funds - including UC's - to sell more than $1.5 billion in Russia holdings

Where's the buyer?

From the Sacramento Bee: Gov. Gavin Newsom called on leaders of California’s public pension systems on Tuesday to sell their investments in Russia. The state’s Public Employees’ Retirement System and State Teachers’ Retirement System, along with the University of California Retirement Retirement Plan, have investments funds worth a combined $970 billion. They together hold more than $1.5 billion in investments in Russian stocks, private equity holdings, real estate, debt and other investments, Newsom said in a letter to the three chairpersons of the pension systems’ boards of directors.

CalPERS board President Theresa Taylor said... that while she was “personally appalled at Russia’s actions,” sanctions prevented the immediate sale of the system’s public assets in Russia, adding the system’s directors would have to weigh the affordability of getting rid of its private assets in the country

Newsom asked the three chairpersons to advise him of the steps they’re taking within 10 days...

Full story at https://www.sacbee.com/news/politics-government/the-state-worker/article258928008.html.

There may be significant problems and losses entailed in selling off Russian assets in a fire sale mode. Where are the quick buyers? It will be interesting to see what is said about this demand from the governor at the next meeting of the investments committee of the Regents about two weeks from now. Note that the Board of Regents - which includes the governor as an ex officio Regent - has a fiduciary duty to the fund.