CalPERS serves 2 million members by generating investment returns that provide retirement security. Investment returns deliver 55 cents of every pension dollar.

The CalPERS Investment Office has remained disciplined, focused, and successful since last summer’s resignation of its Chief Investment Officer. Navigating the global pandemic and unprecedented economic volatility, the team delivered a 12.4% return for members in calendar year 2020. Our Investment Office continues to skillfully execute and implement our carefully developed long-term strategy.

As you know, CalPERS has been conducting a global search for our next Chief Investment Officer. This is one of our most important organizational priorities as the world moves past COVID-19 and into the future. The position carries extraordinary responsibility and requires a multi-talented investor who has the vision and expertise to guide our $445 billion investment portfolio, lead our Investment professionals, and navigate what is a dynamic and public work environment.

CalPERS did not make an offer during this recruitment process. Potential candidates expressed to us that they were reluctant to move their families during the pandemic. In addition, it became clear during the process that we need to provide greater clarity regarding the position’s compensation and incentive structure.

Accordingly, in consultation with the CalPERS Board’s search subcommittee, CalPERS will begin a new search in the coming months. We expect to begin in early summer to coincide with the continued vaccine distribution and reopening of California and the world.