CalPERS has appointed Anton Orlich as its managing investment director (MID) for Growth & Innovation.
The newly created position will be responsible for developing strategies and investment deals focused on higher growth, higher risk and reward opportunities. These include, but are not limited to, growth equity and opportunities that do not fit within traditional asset classes. As the MID for Growth & Innovation, Orlich will be a part of the Investment Office Executive Team, which is responsible for overall investment performance and risk management for the portfolio.
“Anton is a results-driven leader with a track record of service and success,” said Nicole Musicco, CalPERS’ chief investment officer (CIO). “As we look to find more innovative solutions to help meet our return requirements, we need someone with the right blend of expertise and real-world experience. We’re confident he’ll bring valuable insight to this role.”
Orlich has more than a decade of experience as a senior investment professional, most recently as the head of alternative investments at Kaiser Permanente, where he grew the alternatives allocation from 15% to over 50% for a portfolio over $100 billion. While at Kaiser, he was recognized by Trusted Insight as one of the most transformational institutional investors over the last half decade and led Kaiser to earn Private Equity International’s Limited Partner of the Year award for North America in 2021.
Previously, Orlich served as an intelligence officer in the U.S. Navy, and held roles as the head of private equity at the Pivotal Group, as a portfolio manager in CalPERS’ private equity program from 2013 to 2016, as the head of equities for the Arizona Public Safety Personnel Retirement System, and as a consultant at McKinsey & Co.
“It is a real privilege to be able to work on behalf of the hard-working people of the State of California to help them participate in the kind of returns that alternatives can offer,” said Orlich. “I am determined to execute on the CIO’s vision and to do for CalPERS what I have accomplished for Kaiser.”
Orlich earned a Bachelor of Arts degree in economics from Columbia University and a holds a doctorate in political science from Yale University. He also is a Kauffman Fellow and a Chartered Alternative Investment Analyst charter holder. He will begin at CalPERS in early November and will report to CIO Musicco.
CalPERS also announced that Greg Ruiz, MID for Private Equity, will be departing CalPERS next month for a position at Jasper Ridge Partners, an investment management services company.
“Greg has helped CalPERS position our private equity program for long-term success,” said Musicco. “He restructured the portfolio, consistently deployed capital in our co-investment program resurrected under our CEO Marcie Frost, and helped build a highly-talented team of investors dedicated to the CalPERS mission. We believe a strong private equity program is a vital part of our ability to provide pension benefits for our members now and decades into the future.”
“It has truly been an honor to serve our beneficiaries and work hand in hand with our incredibly thoughtful and dedicated team to reorient CalPERS’ private equity program,” said Ruiz. “Our close relationships with high quality partners, expansion of our co-investment program, and integration of data have all been important elements in building a foundation for long-term success.”
Private Equity is the highest performing asset class in the CalPERS portfolio and returned 21.3% for the fiscal year ending June 30, 2022. The CalPERS board also increased strategic asset allocation for private equity from 8% to 13% starting with the 2022-23 fiscal year.
