CalPERS today unveiled two new strategic business models for its private equity program, after more than a year of discussion and examination among the board and investment office. The forward-looking models, which are part of a larger review of the private equity program, would create a new and separate entity known as CalPERS Direct to make direct private equity investments. CalPERS Direct would be governed by a separate, independent board to advise on allocation and longer-term capital market perspectives. It would consist of two separate funds.