Key Takeaways
- • CalPERS names June Kim as Deputy Chief Investment Officer for Public Markets, effective December 1, 2025, bringing nearly three decades of investment experience from CalSTRS where she managed a $374.3 billion portfolio as senior investment director of total fund management.
- • Anton Orlich promoted to Managing Investment Director for Total Fund Portfolio Management, expanding his role beyond private equity leadership to oversee broader portfolio coordination ahead of the Total Portfolio Approach (TPA) implementation.
- • CalPERS Board approved Total Portfolio Approach (TPA) implementation by July 2026, positioning the California pension as the first U.S. institutional allocator to adopt this investment framework, which concentrates decision-making authority with the CIO under a reference portfolio model.
- • Executive compensation restructured to align with collaboration and total fund performance under TPA, with CIO, deputy CIOs, and managing investment directors assessed on cross-portfolio results rather than siloed asset class performance.
- • Organizational reshuffling reflects strategic pivot toward integrated portfolio management, with leadership appointments and departures (including a private equity head transition) supporting the infrastructure required for TPA governance.
Summary
CalPERS has announced significant leadership changes to prepare for its implementation of the Total Portfolio Approach, a transformational investment governance model scheduled for July 2026. The California Public Employees' Retirement System hired June Kim as Deputy Chief Investment Officer for Public Markets, effective December 1, 2025. Kim brings nearly three decades of investment experience, most recently serving as senior investment director of total fund management at CalSTRS, where she oversaw asset allocation, balance sheet management, and investment risk across a $374.3 billion portfolio as of August 31, 2025. In that role, she had previously spent 10 years as investment director of global equity. CIO Stephen Gilmore stated that Kim's experience with long-term investment horizons and high-performing team management made her the optimal choice to lead public markets decision-making and work closely with managing investment directors across the portfolio.
Concurrently, CalPERS promoted Anton Orlich to Managing Investment Director for Total Fund Portfolio Management, an expansion of his previous leadership role in private equity. This promotion reflects the organization's shift toward integrated portfolio oversight, where individual asset classes operate within a coordinated framework rather than in isolation. The moves align with CalPERS' board-approved Total Portfolio Approach, which will make the pension the first U.S. institutional allocator to formally implement this governance structure. Under TPA, the CIO receives full discretion for investment decisions within parameters set by a reference portfolio model approved by the board, consolidating authority and accountability.
The organizational restructuring extends to compensation philosophy. CalPERS has tied executive pay to collaboration and total fund performance results rather than individual asset class outcomes. Currently, the CIO, deputy CIOs, and managing investment directors are assessed based on how well the entire portfolio performs, a shift designed to eliminate conflicts of interest inherent in siloed management structures. This compensation redesign supports the operational requirements of TPA, where coordination across public markets, private equity, private debt, real assets, and other segments becomes essential to achieving the fund's strategic objectives.
The leadership transitions also include changes in private equity management, with Sarah Corr appointed as interim head of the private equity program. These staffing adjustments, combined with the appointment of Mascha Canio as Managing Investment Director for Private Debt, position CalPERS to execute the TPA framework with newly aligned leadership focused on total fund optimization rather than maximizing returns within individual asset classes.
Concurrently, CalPERS promoted Anton Orlich to Managing Investment Director for Total Fund Portfolio Management, an expansion of his previous leadership role in private equity. This promotion reflects the organization's shift toward integrated portfolio oversight, where individual asset classes operate within a coordinated framework rather than in isolation. The moves align with CalPERS' board-approved Total Portfolio Approach, which will make the pension the first U.S. institutional allocator to formally implement this governance structure. Under TPA, the CIO receives full discretion for investment decisions within parameters set by a reference portfolio model approved by the board, consolidating authority and accountability.
The organizational restructuring extends to compensation philosophy. CalPERS has tied executive pay to collaboration and total fund performance results rather than individual asset class outcomes. Currently, the CIO, deputy CIOs, and managing investment directors are assessed based on how well the entire portfolio performs, a shift designed to eliminate conflicts of interest inherent in siloed management structures. This compensation redesign supports the operational requirements of TPA, where coordination across public markets, private equity, private debt, real assets, and other segments becomes essential to achieving the fund's strategic objectives.
The leadership transitions also include changes in private equity management, with Sarah Corr appointed as interim head of the private equity program. These staffing adjustments, combined with the appointment of Mascha Canio as Managing Investment Director for Private Debt, position CalPERS to execute the TPA framework with newly aligned leadership focused on total fund optimization rather than maximizing returns within individual asset classes.
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