Those Russian Assets

We have previously posted about the governor's concerns about Russian assets in public pension funds - including UC's.* We haven't actually got an accounting of how much there is in UCRP (or other UC funds). But from Inside Higher Ed today, there is this:

...The University of California, which boasts $164 billion in total assets, has “nearly zero” exposure to Russian assets, said Ryan King, a spokesperson for the system. “This is largely due to our prior decision to sell our fossil fuel assets given the financial risks—and consequences to climate change—associated with that market,” King said in an email. Still, the system “wholeheartedly supports the Governor’s call to restrict the flow of California’s capital to Russia in light of its invasion of Ukraine,” King said. “We join the millions of others throughout the world in condemning this brutal action, which has unfortunately cost lives, roiled global markets and devalued Russian assets.”...

Full story at https://www.insidehighered.com/news/2022/03/09/colleges-cut-financial-ties-russia.

As we have noted in the past, the market for such assets either may not exist at present or may offer only fire-sale prices. Note the phrase above about "devalued Russian assets." Presumably, there will be some discussion of this matter at the Regents meeting next week.

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*http://uclafacultyassociation.blogspot.com/2022/03/what-did-governor-actually-say.html; http://uclafacultyassociation.blogspot.com/2022/03/newsom-calls-on-ca-pension-funds.html.