Just days after delivering a report on hedge fund regulation to U.S. Treasury Secretary Henry Paulson, Russell Read has announced his departure from the California Public Employees’ Retirement System.

Read has led the alternatives-heavy CalPERS, the largest public pension fund in the U.S. with $244 billion in assets, for two years. He is leaving to “pursue his long-standing interest” in investing in clean and green technology companies.

Read, who in spite of CalPERS’ leading role as a hedge fund investor, has been critical of the fees they charge.

The fund’s chief operating investment officer, Anne Stausboll, will succeed Read on an interim basis as chief investment officer when Read departs on June 30.