The private equity investment director for the largest public pension fund in the U.S. is joining the Texas Municipal Retirement System as its chief investment officer.
Yup Kim will start his new role on Jan. 15, replacing Dave Hunter, who announced his retirement in November, according to a statement Dec. 19.
The incoming CIO worked with a team of 30 investment professionals at the $470.2 billion California Public Employees' Retirement System, Sacramento, according to the statement.
"He is one of the most respected public pension plan investors in the country," TMRS Executive Director David Wescoe said in the statement.
Kim's departure follows the resignation of CalPERS CIO Nicole Musicco in September. The pension fund is known for being tough to manage, and it has cycled through a series of investment chiefs. The fund is still looking for a replacement for Musicco.
Kim assisted CalPERS with private equity strategy, team management and investments. He reported to Anton Orlich, managing investment director, private equity. CalPERS had $63.5 billion in private equity as of Sept. 30.
A CalPERS spokesman said Kim will depart his position as an investment director working on the private equity team at CalPERS on Dec. 29, "as we continue our work to meet the retirement needs of our 2 million members and their families."
As for his replacement, "we will go through the state service process," the spokesman said.
Prior to joining CalPERS in 2020, Kim was a senior portfolio manager at the Alaska Permanent Fund Corp.
TMRS, which provides retirement benefits for more than 930 cities, had $37.4 billion of assets under management and a one-year return of 8.17% at June 30, according to pension documents. It was 89.7% funded at the end of 2022, according to its annual report.
