CalPERS confirmed the resignations of three senior portfolio managers last week.
Joncarlo Mark and Michael Dutton, senior portfolio managers in the alternatives investment management program, and James G. Lasher, a senior portfolio manager for real estate, all resigned, confirmed Clark McKinley a spokesman for the $226.5 billion fund.
Reasons for their departures could not be learned; none of the men could be reached for comment.
However, in a statement Mr. Mark said: “I have decided to move on to the next stage of my life and career. ... I leave CalPERS with great satisfaction that our hard-working team and I have been able to construct a top-notch, global private equity portfolio that is positioned to generate meaningful returns for years to come.”
And sources who asked not to be identified said Mr. Lasher was upset at the increasing role that consultants are playing in setting the new real estate direction for the retirement system and felt left out of the equation.
Mr. McKinley said the duties of Messrs. Mark and Dutton will be taken up by other staff in the alternatives investment portfolio. It was not known if Mr. Lasher would be replaced, Mr. McKinley said, but the residential portfolio for which he was responsible is to be de-emphasized as CalPERS winds down non-core investments under its new real estate strategic plan.