CalPERS' CIO Nicole Mussico's departure comes as the pension fund's recent performance topped its policy benchmark. Over the last fiscal year, which ended June 30, the pension fund returned 5.8% vs. 5.5%, and longer-term returns were generally slightly ahead or in line with the benchmark.
CalPERS' return tops benchmark
At the end of June, the pension fund had more than 45% allocated to public equity compared with the 42% target. Income investments were 26.4%, below the 30% target. Private equity, real assets and private credit combined were more than 30% of the pension fund's assets.