US - Two investment managers at the California Public Employees' Retirement System (CalPERS) have resigned this week.
Joncarlo Mark, a senior portfolio manager in the fund's $31.5bn private equity alternative investment management (AIM) unit and Michael Dutton, who managed the $500m health care direct investment plan, will both step down next month. CalPERS said the resignations were not connected.
Joncarlo has been employed at CalPERS since 1999 and has played a key role in the development of the system's private equity programme. Dutton joined the AIM programme in June 2006. In 2007, he headed the HealthCare Investment Initiative that led to a substantial AIM commitment in Health Evolution Partners.
Dutton also oversaw the successful Legacy Portfolio Restructuring in 2008 and has focused on AIM's buyout portfolio.
Commenting on Mark's resignation, CIO Joe Dear said: "Joncarlo has played a key role as a successful manager and investor for CalPERS. Joncarlo helped lead the CalPERS Alternative Investments Management programme producing above benchmark returns during his 12-year career.
"His leadership also helped establish the AIM programme's reputation as a pioneer in the private equity industry. In addition, as chairperson of the Institutional Limited Partners Association, he has helped spearhead important private equity industry changes that will benefit institutional investors for years to come. We thank him for his service and commitment and wish him the best in his future endeavors."
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