CalPERS Names Desrochers As Private Equity Chief
The largest pension in America just named a new chief for the nation’s largest private equity program. Réal Desrochers was named senior investment officer in charge of private equity at the California Public Employees Retirement System. CalPERS's private equity portfolio has about $33 billion in assets and $49 billion in committed capital. Overall, CalPERS has $236 billion under management and provides benefits to some 1.6 million people. Desrochers will report to Joe Dear, CalPERS’ chief investment officer. Desrochers is a familiar name in private equity, most notably as director for alternative investments at the $155 billion California State Teachers Retirement System, the state’s other giant pension. During his 11 years at CalSTRS, Desrochers more than quintupled the size of its private equity program to $17 billion, and garnered average annual returns of 17.5 percent. He left CalSTRS in 2009.
