The California Public Employees’ Retirement System (CalPERS), the largest pension fund in the U.S. with $494.6 billion in assets, has named Stephen Gilmore as its new CIO, succeeding Nicole Musicco, who left in September 2023.

Gilmore will step down as CIO of the New Zealand Superannuation (NZ Super Fund), a sovereign wealth fund owned by the New Zealand government and worth more than $43.5 billion.

He joined NZ Super Fund in 2019 and was responsible for doubling the fund’s growth to $36 billion. He oversaw asset allocation, strategic tilting, sustainable investment data and analytics, external investments and partnerships, and direct investment teams.

Gilmore’s appointment becomes effective in July. He will become CalPERS’ fourth CIO in just over five years, replacing Nicole Musicco, Ben Meng, and Ted Eliopoulos.

Gilmore previously served as chief investment strategist at the Future Fund, Australia’s sovereign wealth fund, and has worked for the International Monetary Fund and various banks, including Morgan Stanley, Chase Manhattan, and the Bank of New Zealand.

“Stephen has worked in very public roles during his career for organizations where transparency and resiliency are essential,” said CalPERS CEO Marcie Frost. “He brings not only a wealth of investing knowledge to the job, but he also has the temperament to understand the needs of our members and public sector employers who depend on CalPERS to be a steady, long-term partner.”

Gilmore’s Sacramento arrival comes shortly after the launch of CalPERS new Sustainable Investments 2030 plan, which officials say will invest $100 billion in climate solutions over the next six years.

Pictured: Stephen Gilmore