CalPERS, the largest U.S. public pension fund, said it will increase to as much as $5 billion the amount it invests with firms specializing in corporate governance.
The fund, whose full name is the California Public Employees' Retirement System, said the increase follows reports that the 10 corporate governance firms it has been using posted annual returns of 17.7 percent from 1999 through March 31, 2006, nearly three times the industry benchmark.
Two of those firms, San Diego's Relational Investors LLC and New York's and Monaco's Knight Vinke Asset Management LLC, have posted 31 percent gains, CalPERS said.
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