
Pensions
CalPERS Suspends Search for New CIO
Pension system officials say they won’t restart the search until early July, and they didn’t offer a timetable as to when a new person will take the job.
At issue: allegations of unreported stock transactions and also his holdings in three private equity firms the plan invested in, including Blackstone and Carlyle.
The pension plan is still intent on building its own private equity organization.
CalPERS investment returns of 6.7%, below its 7% target, will likely be part of the discussion this week at retreat meeting.
However, new co-investment program won’t be discussed this month as expected, and the fate of proposed direct-style private equity program also remains unclear.
CalPERS stopped its co-investment program in 2016. Now CIO Ben Meng wants a restart.
Greg Ruiz, who has family ties to the fund, will take over from interim Sarah Corr.