Nicolas Berggruen knows fixing to California's structural shortcomings won't be a short-term endeavor.

But the jet-setting billionaire says he's is not daunted by the long haul. He has pledged to invest at least $20 million of his own fortune into a new organization aimed at realizing a long-term vision for improving California's system of governance.

"How much time will it take? Years," Berggruen said in an interview with The Bee editorial board today. "Luckily we are still reasonably energetic, and so we will be at this for years."