Calpers Unfazed by Software Stress in Private Credit, CEO Says

The largest US public pension isn’t fazed about tremors in the private credit market driven by artificial intelligence’s potential threat to software, according to its chief executive officer, Marcie Frost.

Only about 4% of the California Public Employees’ Retirement System’s roughly $615 billion of assets are allocated to the private debt market, Frost said in an interview with Bloomberg TV on Thursday. The pension set an 8% target for investments in the asset class, she said.

“We believe the book is diversified enough,” Frost said. “The team is really not too concerned about the software exposure that we’re ...