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Private Equity will be led by Anton Orlich, who was appointed last month as managing investment director for Growth & Innovation. In combining the two programs, Orlich will succeed Greg Ruiz, who recently left his role with CalPERS' Private Equity team for employment in the private sector.

"Anton brings a unique array of talents to our investment team," said CalPERS Chief Investment Officer Nicole Musicco. "We want to leverage his extensive experience in leading private equity investments as we expand our horizons in search of new opportunities to meet the retirement promises made to our 2 million members."

Orlich will lead a team that has been tasked by the CalPERS Board of Administration to grow the pension fund's private equity assets from 8% of the total fund portfolio to 13%.

Adding the Growth & Innovation program will allow for greater private market coordination in developing strategies and investment deals focused on higher growth, higher risk and reward opportunities that might not fit within traditional private equity deals.

Orlich will continue the program's work to focus on cost savings though co-investments and direct investments; consistently commit and deploy capital across market and economic cycles; and diversify new assets across vintage years, economic sectors, and corporate growth stage.