September 15, 2023
Communications & Stakeholder Relations
John Myers, Chief, Office of Public Affairs
(916) 795-3991 – newsroom@calpers.ca.gov
SACRAMENTO, Calif. – The California Public Employees’ Retirement System (CalPERS) announced today that Chief Investment Officer Nicole Musicco will step down on September 29.
Musicco said the decision to leave CalPERS will allow her to attend to the immediate needs of family in her native home of Toronto, Canada.
“Leading the CalPERS investment office has been an honor, and I am proud of the work my team has done to fulfill the retirement promises made to the 2 million Californians who have spent their lives in public service,” Musicco said. “However, at this time I need to prioritize those who need me the most, my family and children.”
Musicco, who joined CalPERS in the spring of 2022, has been shuttling between Toronto and Sacramento in recent weeks to help members of her large, multigenerational family.
“Nicole has brought to her work the vision and the values that we needed, the kind of approach that added real clarity and strength to our investing,” said CalPERS Chief Executive Officer Marcie Frost.“ While it will be hard to see her go, we know it’s the right decision to put her family first and we applaud the strength it took to do so.”
CalPERS Deputy Chief Investment Officer Dan Bienvenue will serve as interim chief investment officer. Bienvenue joined CalPERS in 2004 and has held several leadership roles with the Investment Office. Prior to joining CalPERS, he was a principal and senior portfolio manager with Barclays Global Investors, leading an international equity portfolio management team responsible for $55 billion across developed and emerging markets.
“One of our guiding principles at CalPERS is to recognize the importance of our employees and their families,” said CalPERS Board of Administration President Theresa Taylor. “While we will greatly miss Nicole’s leadership, we support her decision and will keep her and her family in our thoughts. We thank Nicole for her hard work toward strengthening our members’ retirement benefits.”
Musicco is only the second woman to have led the investment operations of the nation’s largest public pension fund, which has a current market value of $463 billion.
During her tenure at CalPERS, Musicco led efforts to evolve and accelerate CalPERS programs aimed at private market investing, including new co-investing opportunities. The CalPERS Investment Office has also expanded its focus on high-value sustainable investing and is currently focused on new initiatives built around the core principles of innovation and resiliency.
Musicco also championed a $1 billion commitment in 2022 to identifying and supporting the next generation of emerging and diverse investor entrepreneurs in private markets.
With guidance from the board and chief executive officer, CalPERS officials will soon launch a global search to identify candidates for the position.
About CalPERS
For more than nine decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. For more information, visit www.calpers.ca.gov.
In a recent announcement, the California Public Employees’ Retirement System (CalPERS) revealed that Chief Investment Officer Nicole Musicco will be stepping down from her role on September 29th. Musicco stated that this decision was made in order to prioritize her family’s immediate needs in her native home of Toronto, Canada.
Throughout her time at CalPERS, Musicco has demonstrated strong leadership and a commitment to fulfilling the retirement promises made to the 2 million Californians who have dedicated their lives to public service. Despite her departure being a loss for the organization, CalPERS CEO Marcie Frost expressed support for Musicco’s decision to put her family first, acknowledging the strength it takes to make such a choice.
In Musicco’s absence, CalPERS Deputy Chief Investment Officer Dan Bienvenue will serve as the interim chief investment officer. Having joined CalPERS in 2004, Bienvenue brings a wealth of experience and expertise to the position. He has held various leadership roles within the Investment Office and has a background in portfolio management.
Recognizing the importance of employees and their families, CalPERS Board of Administration President Theresa Taylor applauded Musicco’s decision and expressed gratitude for her contributions to strengthening retirement benefits for CalPERS members. With a market value of $463 billion, CalPERS is the largest public pension fund in the United States.
During her tenure, Musicco spearheaded efforts to evolve and accelerate CalPERS programs focused on private market investing. This included initiatives such as co-investing opportunities and a commitment of $1 billion in 2022 to support emerging and diverse investor entrepreneurs in private markets. Additionally, Musicco emphasized high-value sustainable investing and initiated new projects centered around innovation and resiliency.
Moving forward, CalPERS officials, in collaboration with the board and CEO, will begin a global search to identify candidates for the Chief Investment Officer position. This search aims to find a leader who can continue to drive CalPERS’ investment strategies and uphold the organization’s commitment to its members’ retirement and health security.
For over nine decades, CalPERS has been dedicated to providing retirement and health benefits for state, school, and public agency members. With over 2 million members in its retirement system and more than 1.5 million members and their families in its health program, CalPERS is the largest defined-benefit public pension in the US.
By prioritizing the well-being of its employees and their families, CalPERS demonstrates its commitment to creating an inclusive and supportive work environment. Musicco’s departure serves as a reminder that taking care of one’s family is of utmost importance, even in high-stakes professional roles.