DEFINED BENEFIT

CalPERS picks director of investment management engagement programs

Clinton L. Stevenson was named investment director of the investment management engagement programs at the $313.2 billion California Public Employees' Retirement System, Sacramento, confirmed spokeswoman Megan White in an email.

The programs, formerly known as the targeted investment programs, had been headed by Laurie Weir, who retired last year.

CalPERS announced in June 2016 that it plans to commit $11 billion in new money to hiring emerging and successful early stage money managers, including ones owned by women and minorities, by 2020. Mr. Stevenson will lead that effort.

The retirement system already has $4 billion invested with emerging managers.

Mr. Stevenson had previously been director of investment administration at the $11.8 billion The Ford Foundation, New York.

Foundations officials could not be immediately reached for comment on a replacement.