The California Public Employees’ Retirement System (CalPERS) has named Clinton Stevenson as the new investment director of its Investment Management Engagement Programs (IMEP).
In his new role, Mr. Stevenson will oversee IMEP (formerly Targeted Investment Programs) which provides coordination across all of CalPERS’ asset classes. Specific areas of focus are emerging and transition managers, responsible contracting, California investment initiatives, and diversity and inclusion efforts. The program is also responsible for the external manager monitoring and evaluation processes.
In June 2016, CalPERS announced that it would commit up to $7 billion to its transition manager program by the year 2020. Commitments range from $50 million to $300 million in the real estate and private equity programs, and $500 million to $1 billion in the global equity program. This is in addition to the new commitments to CalPERS’ emerging manager programs of up to $4 billion during the same period. The goal is to identify and place up to $11 billion in new commitments with qualified managers by 2020.
Mr. Stevenson has more than 35 years in the investment industry including 30 years at the Ford Foundation, where he served as the director of Investment Administration. In addition, he founded a firm that advised not-for-profit institutions on the structure, management, and governance of their investment programs. Mr. Stevenson holds both a masters in economics and an MBA from Stanford University.
“Clint is a wonderful addition to CalPERS,” said Ted Eliopoulos, CalPERS chief investment officer. “Manager evaluations, investment operations, and diversity and inclusion are all important components of our investment office. His depth of experience in each of these areas makes him the ideal fit to lead the Investment Management Engagement Programs.”
CalPERS is the largest public pension fund in the US with more than $312 billion in assets. CalPERS administers health and retirement benefits on behalf of more than 3,000 public school, local agency and state employers. There are more than 1.8 million members in the CalPERS retirement system and more than 1.4 million in its health plans. CalPERS is headquartered in Sacramento (www.calpers.ca.gov).
© 2017 Private Equity Professional | March 30, 2017
