CalPERS combines private equity with a growth and innovation program

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

Private Equity is led by Anton Orlich, who was named managing investment director for growth and innovation last month. Orlich succeeds Greg Ruiz, who recently left his role in CalPERS’ private equity team to join Jasper Ridge Partners.

CalPERS Chief Investment Officer Nicole Musicco said the pension fund wants to “apply [Orlich’s] Extensive experience in private equity investment management, expanding our horizons in pursuit of new opportunities to deliver on the retirement promises made to our 2 million members.”

Orlich was tasked with increasing the fund’s private equity asset allocation from the current 8% level to 13% of the total portfolio.

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

Orlich will continue program work on cost savings through co-investments and direct investments, raising and deploying capital across market and economic cycles, and diversifying new assets across older years, economic sectors and corporate growth stages, the pension fund said in a statement. .