CalPERS Taps CalSTRS Vet For Private Equity Program

May 31 2011 | 2:33pm ET

The California Public Employees’ Retirement System has hired a former employee of its sister fund, the state teachers’ pension, to oversee its $49 billion private equity program.

Réal Desrochers, who formerly oversaw private equity for CalSTRS, will now be responsible for managing CalPERS’ globally diversified portfolio of private equity investments, about $33 billion of which is invested via the Alternative Asset Management program.

Reporting to CalPERS’ CIO Joseph Dear, Desrochers will also oversee the private equity investment team and external advisors.

“I’m extremely confident in Réal Desrochers and his skills leading our team of investment professionals,” said Dear. “He did a fine job in overseeing the private equity program of our sister fund…generating annual returns of more than 17% in the decade that he was there. He also worked for Caisse de Depot of Quebec, Canada’s largest pension plan, for more than 11 years before joining CalSTRS.”

Desrochers, who left CalSTRS in 2009, has also advised Blackstone Capital, J.H. Whitney, Texas Pacific Group, Permira and China Renaissance Industries. Prior to joining CalPERS, he was the CIO of Saudi Arabian Investment Company.

CalPERS is the nation’s largest public pension fund with approximately $236 billion in market assets.


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