Réal Desrochers has resigned as head of alternative investments for the California State Teachers’ Retirement System (CalSTRS), according to a source familiar with the situation. CalSTRS is expected to make a formal announcement later today.
Desrochers joined CalSTRS in 1998, after having managed a global private equity portfolio for CDP Capital. The system currently has around $17.1 billion in private equity assets under management, which represents a 14.3% exposure (compared to a 9% target).
“Réal had been planning his departure for some time but he kept it close to his vest until very recently,” says the source, who adds that Desrochers’ “contributions to the private equity program at CalSTRS have been immense.”
CalSTRS will run a formal search process to find Desrochers’ successor. In the interim, Seth Hall and Margot Wirth have been named acting co-directors of private equity.
For more detailed information on CalSTRS’ private equity holdings, go here.