David Gilbert, California Public Employees' Retirement System's senior investment officer for real estate, resigned to join Chase Capital Partners, where he'll head its private equity real estate business for the equity investing arm of Chase Manhattan.
A search will begin immediately to replace Mr. Gilbert at the $143 billion, Sacramento-based CalPERS, a spokesman said.
Over the last two years, Mr. Gilbert directed a nearly completed, broad restructuring of CalPERS' $6 billion real estate program.
