Joncarlo Mark and Michael Dutton, senior portfolio managers of CalPERS' $47.5 billion alternative investment management program, both have resigned, confirmed Clark McKinley, spokesman for the $226.5 billion California Public Employees' Retirement System, Sacramento.
Neither Mr. Mark nor Mr. Dutton gave a reason for their departures, Mr. McKinley said.
Mr. Mark's resignation is effective March 31 and Mr. Dutton's is sometime in March, Mr. McKinley said. Their duties will be taken up by other staff in the AIM program, Mr. McKinley said.
Messrs. Mark and Dutton announced their resignation separately sometime “earlier” within CalPERS “and we are confirming them today,” Mr. McKinley said. It isn't known what their plans are, he said.
Messrs. Mark and Dutton couldn't be reached for comment.
Mr. Mark, who has been with CalPERS since 1999, “has played a key role in the development of the system's private equity program,” according to a CalPERS statement Tuesday.
Mr. Dutton headed up the CalPERS' health-care investment initiative, committing in 2007 up to $500 million for direct co-investments, health-care-focused private equity funds, and strategic joint ventures.