Placement agent: Hello Harry? This is Charles!
Calpers Money Manager: Hey Charles, you old goat! How ya doing?
P A: Wanna go grab beers today?
Calpers guy: Nah, the wife'll get all mad.
P A: Ok, we'll do it some other time. By the way, any interest in our new private equity fund? It's the biggest fund we've ever raised. We're preparing to do a $100 billion takeover. You know, lever it up and then flip it via IPO. Works every time.
Calpers guy: Oh, great idea! Here's $1 billion.
PA: How about our new real estate..
Calpers guy: Oh definitely. Here's another billion. I gotta hop. It's 5:05 PM, gotta head home.
So yeah, that conversation was worth $59 million in retiree money. I'm sure all those funds are performing swimmingly too.