In a sudden departure, CalPERS Chief Operating Investment Officer Elisabeth Bourqui has resigned just months after moving from Europe to take a key spot at the Sacramento-based pension plan.
Ted Eliopoulos is leaving Friday, but new CIO Yu Ben Meng can’t start until January because of a non-compete agreement. Eric Baggesen will become interim CIO.
Yu Ben Meng’s start date is being held up by the Chinese government, which could delay a vote on the launch of a $20 billion direct private equity investment organization.
CalPERS consultant finds without a huge increase in new private equity commitments, the fund will see a declining allocation to the asset class.
Ben Meng’s predecessors did not have deep investment roots, instead administrative and political experience were their calling.
Start date has not yet been determined.
Deal with Ben Meng is not done, however, as negotiations continue on total compensation.