CalPERS Consolidates Private Equity with Growth and Innovation Program

The California Public Employees’ Retirement System, CalPERS, announced changes to the structure of two of its private markets investment programs, with management of the pension fund’s recently created growth and innovation program consolidating with the private equity asset class unit.

Private equity will be led by Anton Orlich, who last month was appointed as managing investment director for growth and innovation. Orlich succeeds Greg Ruiz, who recently left his role with CalPERS’ private equity team to join Jasper Ridge Partners.

CalPERS Chief Investment Officer Nicole Musicco said the pension fund wants “to leverage [Orlich’s] extensive experience in leading private equity investments as we expand our horizons in search of new opportunities to meet the retirement promises made to our 2 million members.”

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Orlich is tasked with growing the fund’s private equity assets allocation to 13% of the total portfolio from its current level of 8%.

The pension fund’s move to increase the allocation to the asset class follows private equity performing best among CalPERS asset classes, returning 21.3% for the fiscal year ending June 30.

Orlich will continue the program’s work to save costs through co-investments and direct investments, to commit and deploy capital across market and economic cycles and to diversify new assets across vintage years, economic sectors and corporate growth stage, the pension fund said in a release.