CalPERS private equity manager steps down

On 8 May, Shahinian was put on paid administrative leave after a lawsuit identified the investment manager. The lawsuit claimed that Villalobos attempted to bribe Shahinian, who had accepted an invitation to New York and was flown in by private jet. Shahinian later recommended the pension fund to invest in Apollo Global Management.

Chief investment officer Joseph Dear will take over Shahinian's duties until a replacement is found.

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