Abstract
Natural resources companies, including oil and clean technology companies, are in the process of shifting from value to growth, a move prompted by an unremitting demand for energy driven increasingly by emerging economies. The California Public Employees’ Retirement System (CalPERS) expects this trend to continue for the foreseeable future and is including a natural resources component in all of its principal investment programs, with private markets, venture capital, and commodity futures expected to play pivotal roles.
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