根据Alastair Marsh的说法，加州公共雇员退休系统计划增加对能源转型领域的私人信贷投资，该领域据其分析显示市场估值偏低。
Public Employees’ Retirement System is planning to build out its private-credit bets targeting the energy transition, an area its analysis indicates is undervalued by the market.
Calpers目前在该领域的投资包括8亿美元的资金，这些资金由高盛资产管理公司管理的基金负责运作。Peter Cashion表示，Calpers正在考虑进一步将客户资金投入类似的基金中。
Calpers, whose existing investments in the strategy include an $800 million allocation to a fund run by Goldman Sachs Asset Management, is now looking into placing more client money into similar funds, according to Peter Cashion, who oversees the pension plan’s sustainable investment strategy.
他在采访中表示，这是一种“被低估”的投资机会。“大多数私人信贷基金都投资于资产支持证券或面向标准企业的高级贷款业务，但很少有基金专门从事绿色或棕地能源项目。”
It’s an “underappreciated” investment opportunity, he said in an interview. “Most private credit funds, they’re doing asset-backed securities or senior lending to the standard corporates, but very few are specialized in green or brownfield energy projects.”
Cashion指出，采用这种投资策略意味着Calpers在某些情况下能够“为债务风险带来接近股票回报的收益”。Calpers管理着约6400亿美元的资产，早在二月时便明确表示，他们并不受由于担心人工智能会颠覆软件行业而导致的私人信贷市场大幅下跌的影响。当时，Calpers首席执行官Marcie Frost表示，该基金对这一资产类别的投资目标为8%。
According to Cashion, adopting the strategy has meant that Calpers has in some cases made “near equity returns for debt risk.”Calpers, which oversees roughly $640 billion in assets, made clear back in February it was unfazed by the broad selloff in the market for private credit triggered by anxiety that AI would upend software bets. The pension fund has set an 8% target for investment in the asset class, Chief Executive Officer Marcie Frost said at the time.
当谈到与全球能源转型相关的投资时，Cashion认为，深入投资私人信贷的理由在于，企业可以通过杠杆手段更自由地发展，而不是依赖公开股票市场。
When it comes to bets tied to the global energy transition, Cashion said the rationale for moving deeper into private credit rests in the idea that companies are freer to grow using leverage than they are relying on public equity markets.
“在过去四到五年里，有很多资金被用于能源转型领域，”他说。“但是，企业要获得合理的盈利能力，就需要借助杠杆，需要债务支持。”虽然过去几年中，用于能源转型领域的债务融资有了显著增长，但股权融资仍然占据主导地位。根据Net Zero Insights的数据，在2026年上半年，有413亿美元的资金流入了这类资产，其中只有110亿美元是以债务形式出现的。
“You’ve had all this equity that’s been raised over the last four or five years for energy transition,” he said. “But for companies to have proper profitability they need the leverage, they need the debt.”While debt financing for transition sectors has grown considerably in the past few years, equity financing still dominates. Of the $41.3 billion that flowed into such assets in the first half of 2026, only $11 billion was in the form of debt, according to Net Zero Insights.
Calpers设定了到2030年投资1000亿美元用于所谓的气候解决方案的目标。这涵盖与减少二氧化碳排放、摆脱化石燃料和适应气温上升相关的资产。截至去年，该公司已在这些战略上投资了600亿美元。
Calpers has set a target of investing $100 billion in so-called climate solutions by 2030. That covers assets related to mitigating carbon dioxide emissions, transitioning away from fossil fuels and adapting to rising temperatures. As of last year, it had invested $60 billion in those strategies.
卡辛说：“我们制定1000亿美元目标的全部原因是我们认为我们可以创造出色的业绩。”“有了这样一个重大的主题大趋势，多个领域将出现机会。”Calpers还在寻找增加保险相关证券敞口的方法，他表示，保险相关证券是一种资产类别，其“规模和规模”足以对其1000亿美元目标产生有意义的影响。
“The whole reason we have this $100 billion target is that we think we can generate outperformance,” Cashion said. “With a big thematic mega-trend like this, there’s going to be opportunity in multiple areas.”Calpers is also looking for ways to increase its exposure to insurance-linked securities, which he says is an asset class that has the “size and scale” to make a meaningful dent in its $100 billion target.
卡辛警告说，不要因人工智能基础设施投资的狂热而分心。根据BloombergNEF的数据，今年数据中心的投资可能达到7500亿美元，而能源转型的投资超过2万亿美元。
And Cashion cautioned against being distracted by the frenzy around investing in AI infrastructure. According to BloombergNEF, investments in data centers may reach $750 billion this year, compared with more than $2 trillion for the energy transition.
卡辛说：“尽管数据中心的开发和建设规模很大，但气候转型的规模要大得多。”
“As big as data center development and buildout is, climate transition is much bigger,” Cashion said.