Dan Bienvenue is departing the $527.9 billion California Public Employees’ Retirement System, Sacramento, as its deputy chief investment officer-capital markets.
CEO Marcie Frost wrote in a memo sent to staff March 24 that Bienvenue will be stepping down from his current position at CalPERS to join private equity firm General Atlantic as a managing director, leading the firm’s capital solutions initiatives for pension plans. His last day at CalPERS will be April 18.
In April 2024, Stephen Gilmore was named CIO for CalPERS, succeeding Nicole Musicco. His appointment became effective in July.
In September, Gilmore asked Michael Cohen, chief operating investment officer, to also take on responsibility for the investment team’s operations, technology and strategy from Bienvenue. Bienvenue had served as interim CIO when Musicco resigned as well as when Musicco’s predecessor former CIO Yu “Ben” Meng departed in August 2020.
“Dan has been an exceptional leader, a trusted colleague, and a driving force behind our investment strategies, always working to ensure the financial security of our members,” Frost wrote in the memo. “Throughout his tenure, Dan has made significant contributions to our organization. He built the internal management capability for international equity, streamlined the external management of global equity from more than 60 managers to approximately 15, and aligned the corporate governance function within global equity.”
Bienvenue has held his current title since April 2020, according to his biography on the CalPERS' website.
Frost added that Bienvenue first joined CalPERS in September 2004 and has held several leadership roles, including interim CIO twice, concurrent roles as the interim chief operating investment officer and deputy CIO, total portfolio, as well as managing investment director of global equity.
Details on Bienvenue's possible successor were not available.
