October 20, 2023

Communications & Stakeholder Relations
Office of Public Affairs
(916) 795-3991 - newsroom@calpers.ca.gov

SACRAMENTO, Calif. – CalPERS announced on Friday that it has selected the global executive search firm Dore Partnership to serve as a consultant in the pension fund’s efforts to find its next chief investment officer (CIO).

“CalPERS is looking for a strong investor with broad experience, who is committed to our public service mission of ensuring the retirement benefits of 2 million people,” said CalPERS Chief Executive Officer Marcie Frost. “Dore Partnership is a proven partner, with a successful track record of putting the right people in the right spots all over the world.”

Dore Partnership is a global executive search firm that was founded in 1997 and has offices in New York and London. The firm made more than 900 placements in 20 countries and across 60 different cities.

CalPERS also posted the CIO position online in accordance with state employment procedures. The ideal candidate will have the following qualities and characteristics:

• Broad investment experience in both large-scale and high-complexity operations.
• Demonstrated leadership experience over multi-functional teams.
• Bachelor’s or master’s degree in economics, finance, or a closely related field.
• Adept at presenting complex information to boards, stakeholders, and other audiences.
• Ability to function effectively in a highly visible role.

“We want to find someone with a vision, the right person who can not only lead our team of experienced investors and work within the complexity of our portfolio, but who also understands that this is a unique job,” Frost said. “We’re looking forward to bringing another strong leader into our organization. In the interim, our strategy remains in place and our team is committed to fulfilling it.”

The search comes during a very competitive time in the financial industry with CIO openings at several high-profile organizations.

“The competition for top talent has never been fiercer, especially when it comes to implementing and delivering on the investment returns needed to support our members,” said CalPERS Board of Administration President Theresa Taylor. “The good news is that CalPERS remains a draw, and we expect to attract qualified candidates from all over the world.”

The CalPERS Board has formed a CIO search subcommittee that will work with the CEO on the recruitment and hiring efforts. Members of the subcommittee include President Taylor, State Controller Malia Cohen, Lisa Middleton, David Miller, and Mullissa Willette.

The new CIO will replace Nicole Musicco, who stepped down at the end of September. CalPERS Deputy CIO Dan Bienvenue is serving as interim CIO.

Those interested in being considered for this position may email Dore Partnership through Catherine O’Connor at coconnor@dorepartnership.com.

About CalPERS

For more than nine decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. For more information, visit www.calpers.ca.gov.