The many private equity and venture capitalists that count the California Public Employees' Retirement System, known as CalPERS, as a limited partner may soon be dealing with a new set of people at the top of the $244 billion pension fund.
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Bloomberg is reporting that CalPERS' CEO Fred Buenrostro may "leave his
post by the end of the year amid tensions with the board, according to
two people familiar with the matter."
A resignation by Buenrostro would
be the third high-profile exit from CalPERS this year. Russell Read, CalPERS' chief investment officer, has already said he
intends to leave on June 30, and Christianna Wood, a senior investment
officer, left in February to become CEO of hedge fund Capital Z Asset
Management. On Friday,
The Independent reported that Read planned to start a cleantech-focused venture capital fund.
Buenrostro and Read are reputedly leaving due to an internal debate over
CalPERS' investments in infrastructure projects, Bloomberg's sources
said, as some board members favor a new policy that would require union
employees to work on the projects.
- George WhiteSee Bloomberg story on Buenrostro See Independent story on Read
