Yup Kim, the Head of Investments, Private Equity at the California Public Employees' Retirement System (CalPERS), reflected on the pension fund's private equity strategy. In July of 2022, the fund was in the midst of a multi-year turnaround strategy with the goal to "consistently deploy capital at scale in order to build a diversified, cost-efficient portfolio of high-conviction investments that outperform [its] PE policy benchmark." CalPERS had also recently increased the overall allocation to private equity from 8% to 13%, making it even more critical that Kim and the private equity team achieve their goals. Moreover, CalPERS faced a global economy seemingly headed into a recession and changes within the private equity industry as a whole. Kim needed to decide if they had the right strategy in place to achieve their long-term vision. This case also explores the U.S. public pension system and private equity co-investments.