CalPERS Restructures Private Markets Program, Names Anton Orlich as Head of Growth and Innovation Investments

Pension fund giant California Public Employees’ Retirement System (CalPERS) has restructured two of its private markets investment programs, consolidating its Growth & Innovation program with the Private Equity asset class.

Anton Orlich, who was previously head of alternative investments at Kaiser Permanente, was tapped as managing investment director for Growth & Innovation.

As Orlich joins the $430 billion fund, CalPERS announced the departure of Greg Ruiz, managing investment director for private equity.

CalPERS said Orlich will handle developing strategies and investment deals focused on higher growth and higher risk and reward opportunities, including growth equity and opportunities that don’t typically fit within traditional asset classes.

“Anton brings a unique array of talents to our investment team,” said CalPERS Chief Investment Officer Nicole Musicco. “We want to leverage his 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.”

Private equity is CalPERS’ highest-performing asset class, returning 21.3% for the fiscal year ending June 30. In July, the CalPERS board increased its strategic asset allocation for private equity to 13% from 8% starting with the 2022-23 fiscal year.