Canadian Nicole Musicco appointed as Calpers new chief investment officer

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Calpers is the largest public pension plan in the U.S.

The US$478-billion California Public Employees’ Retirement System said Nicole Musicco, a private markets specialist, would take over the high-profile position. Musicco will succeed Dan Bienvenue, who had assumed the role of interim chief investment officer in August 2020 after Ben Meng resigned from the post.

Musicco’s appointment comes as Calpers, which has 2 million members, embarks on plans to boost exposure to private markets against a backdrop of expected dimming returns from listed stocks. Canada’s pension funds have been among the most proactive in the world in deploying more of their capital offshore, in the hunt for returns.

As part of a new four-year plan, approved before Musicco’s appointment, Calpers will raise its allocation to private equity by 5 percentage points to 13 per cent and shift into private debt with an allocation of 5 per cent. At the same time, global equity exposure will be dialled down from 50 per cent to 42 per cent.Article content“Nicole’s experience, vision and skill as an investor in public and private markets is critical for Calpers,” said Marcie Frost, chief executive.

 

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