Position Information

Deputy Chief Investment Officer, Capital Markets
Final Filing Date: Until Filled

Although the classification title indicates CalSTRS, this position resides with the California Public Employees' Retirement System (CalPERS), and the salary reflected is for the CalPERS position.

Anticipated Interview Dates: We anticipate holding virtual interviews on an ongoing basis until the position is filled.

This position will run until filled with cutoff dates for review on the last day of each month until filled, with the first cutoff date being 5/31. 

CalPERS Investment Office manages over $530 billion in assets on behalf of more than 2 million members, making CalPERS the largest defined-benefit public pension in the United States and one of the largest global public and private asset owners in the world.

CalPERS culture exemplifies its Core Values of Quality, Respect, Accountability, Integrity, Openness, and Balance. CalPERS team members are its most important asset and people come to work at CalPERS to ignite their purpose and pursue investment career aspirations. If you have a growth mindset and thrive in a fast paced, challenging and rewarding environment where diversity in perspective and experience is valued, then CalPERS may be the organization for you.

CalPERS Investment Office is seeking a Deputy Chief Investment Officer (DCIO), Capital Markets to oversee public market asset investment decision making and management including the total portfolio’s allocation in global public equities, global fixed income, portfolio diversification strategies, as well as several affiliate funds. Leadership of the Capital Markets business, including operational, personnel, and cultural components, is another critical area of focus to create an environment where team members can do their best work. Reporting to the Chief Investment Officer (CIO), the DCIO will provide thought leadership, identify emerging trends, develop forward-thinking investment approaches, ensure a strong governance and organizational culture exists for investment decision making, ensure alignment with CalPERS long-term strategic objectives, and coordinate inclusion of public market asset class research, analysis, and information into Total Fund investment decision making and drive our CalPERS mission.

Telework Information: This position is eligible for a hybrid work schedule, with up to two days of remote work and three days or more onsite, per week.

Desirable Qualifications
In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
  • Acts in a professional manner and demonstrates a high degree of integrity, honesty, and ethical behavior 
  • Demonstrates openness and trust 
  • Establishes and builds rapport by modeling values-based behaviors 
  • Exhibits strong interpersonal and mentoring skills 
  • Promotes teamwork and cross-functional collaboration and communication in support of CalPERS strategic goals 
  • Promotes a high-performance culture where employees are encouraged and enabled to perform to their greatest potential
Position: Deputy Chief Investment Officer, Capital Markets
Organization: CalPERS
Location: Sacramento,  CA 
United States
Salary: $28,325.00 - $47,208.33 per Month
Posting Start Date:
Date Posted: 5/15/2025
Requirements For additional information and to apply please visit: https://calcareers.ca.gov/CalHrPublic/Jobs/JobPosting.aspx?JobControlId=477675
Status: This listing expires on: 7/14/2025
Apply Apply for this Position
Send to a Friend  Send to Friend
   Print Job
Return to Job Search  Return to Job Search
Post a Position  Post a Position
Organization Information
Name:
CalPERS
Address:
400 Q Street

Sacramento,  CA 95811
United States
Email:
hrsd_executive_and_investment_recruitment@calpers.ca.gov
Phone:
Fax:
Contact:
HRSD, Executive and Investment Recruitment
Become A Member

Becoming a member of NASRA offers a unique opportunity to join a community committed to the sound, efficient, and innovative stewardship of public retirement systems. Membership connects you with a network of professionals and experts, providing valuable insights into managing public retirement systems with a focus on sustainability and risk-averse strategies.

By joining NASRA, you gain the tools and resources to enhance the management of public retirement systems, ensuring their long-term success and reliability for generations to come.


 

What's New at NASRA: Public Pension Investment Return Assumption Brief Updated

NASRA’s latest update to standing issue briefs, Public Pension Plan Investment Return Assumptions underscores the critical role the investment return assumption plays in the financial health of public pension plans. Of all actuarial assumptions, it has the greatest impact on plan funding levels and cost. This brief traces how a decade of low interest rates and inflation, beginning in 2009, prompted many plans to reduce their long-term expected returns in line with more modest capital market projections. However, since inflation began rising in early 2021, the trend toward lowering return assumptions has largely paused. While reducing a plan’s assumed return can increase both costs and unfunded liabilities, setting this assumption is a careful, thorough process. It draws on expert input from actuaries and investment professionals and is guided by actuarial standards of practice.