CalPERS holds $200B assets; many money mangers want a piece of action. Here, they have 'bought' out ex-CalPERS directors in order to lobby CalPERS to invest in the funds of the money managers these people represent. There is an article that criticizes this phenomenon.
This way of seeking money is not an exception but a rule in the money mgmt business. Read Alex Chu's comment about MBA's to make sense of what's going on: it is darn cheap to buy smart quants or M7 MBA's or HYP. Money managers spend their time in raising capital, and other things!
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