The $158bn California Public Employees Retirement System (CalPERS) has appointed Rick Hayes as its new senior investment officer (SIO) in charge of the pension fund's alternative investment management (AIM) program.
Hayes replaces Barry Gonder, who left the fund to join Grove Street Advisors as a general partner. Prior to his new role, Hayes acted as Gonder's deputy. As the new SIO, Hayes will be responsible for managing the world's largest private equity portfolio, which has approximately $20bn in committed capital.
Speaking about Hayes' appointment as SIO, CalPERS' chief investment officer, Daniel Szente, said: I have the utmost confidence in Rick and his skills as an investment professional. Rick has been instrumental in helping us to build a strong, diverse and world-class private equity program and he will continue to steer the course for the program built by CalPERS Board.
Hayes joined CalPERS in May 1998, and has spearheaded many of the fund’s private equity initiatives, including the partnership with Thomas Weisel Partners, The Carlyle Group, Texas Pacific Group, and CalPERS Biotechnology, Corporate Partners, and California Initiative Programs.
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