When the largest U.S. pension fund makes a move, the market listens.
With a total market value of $225 billion, CalPERS provides retirement, health and related benefits to more than 1.6 million public employees, retirees and their families. This past December, the fund announced new asset allocations, and approved a new investment classification system designed to hedge its portfolio against extreme market risks and rising inflation.
The man who will execute this strategy, Joseph Dear, shared his insights on where the markets are headed at this private breakfast with the Milken Institute Associates.
As chief investment officer of CalPERS, Dear oversees all asset classes in which CalPERS invests, including domestic and international equity, Treasury and agency debt, high-yield bonds, real estate, venture capital, leveraged buyouts and hedge funds. He is responsible for the strategic plan for the CalPERS Investment Office, including tactical asset allocation, risk management, business development, budget authority, new investment programs, trading technology, staffing and back-office operations.
Dear joined CalPERS in 2009 after serving as executive director for the Washington State Investment Board, where he was responsible for managing more than $67.6 billion within 38 funds. He received a B.A. in political economy from The Evergreen State College in Olympia, Wash.
This event was open only to Milken Institute Associates. To join the Associates or learn more about the program, please contact Mindy Silverstein, Director of the Associates, at (310) 570-4634 or email@example.com.