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CalPERS CIO Musicco quits

Musicco cited family reasons for her impending departure.

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  • She joined CalPERS in the spring of 2022
  • CalPERS Deputy Chief Investment Officer Dan Bienvenue will serve as interim chief investment officer
  • Based in Sacramento, CalPERS has a current market value of $463 billion

Nicole Musicco, chief investment officer at pension fund California Public Employees’ Retirement System, is stepping down from her role on September 29.

Musicco, who joined CalPERS in the the spring of 2022, cited family reasons for her impending departure.

CalPERS Deputy Chief Investment Officer Dan Bienvenue will serve as interim chief investment officer.

“One of our guiding principles at CalPERS is to recognize the importance of our employees and their families,” said CalPERS Board of Administration President Theresa Taylor in a statement on Musicco’s resignation. “While we will greatly miss Nicole’s leadership, we support her decision and will keep her and her family in our thoughts. We thank Nicole for her hard work toward strengthening our members’ retirement benefits.”

Musicco was the second woman to have led CalPERS’ investment operations.

On the heels of Musicco’s departure, CalPERS is planning on launching a global search for candidates to fill the CIO role.

Based in Sacramento, CalPERS is widely considered to be the largest pension fund in the country. Currently, it has a market value of $463 billion.