Trying to counter claims aired at a recent state Senate hearing, Joe Dear, chief investment officer of the California Public Employees’ Retirement System, wrote a letter to the hearing chairman saying he was “troubled by testimony that questioned our commitment and intentions” with regard to emerging managers – investment firms that are often managed by women and minorities.
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The giant California Public Employees’ Retirement System tentatively plans to name a new head of private equity on Tuesday, May 31st, more than a year after it put its last private equity chief on administrative leave, according to a spokesman who said CalPERS would have no further comment until then.
Leon Shahinian, the former PE chief at CalPERS, was put on administrative leave after being identified in a pay-to-play lawsuit brought by former state attorney general (and now governor) Jerry Brown. Shahinian formally resigned from the $231 billion pension in Aug. 2010.
The pension’s $32 billion alternatives portfolio has been managed by chief investment officer Joe Dear during the nine-month search following Shahinian’s departure.
The state of California has no shortage of financial woes, but returns for its two biggest public pension systems are back to levels not seen since the 2008 economic implosion. Indeed, in quick succession earlier today, the $146.4 billion California State Teachers’ Retirement System (CalSTRS) and the $225.7 billion California Public Employees’ Retirement System reported [...]