Calpers PE portfolio managing investment director to leave

Desrochers will leave his post with Calpers on 7 April to take up a role with an unnamed overseas bank, having joined the pension fund in 2011. Sarah Corr, an investment director in private equity will become the interim head of the programme.

Prior to working with Calpers, Desrochers spent 11 years managing the private equity portfolio of California State Teachers Retirement System (CalSTRS) before becoming chief investment officer of Saudi Arabian Investment Company.

Calpers is one of the largest investors in private equity globally, and currently has around $26bn invested in private equity across primary funds, funds-of-funds, direct and co-investments, and direct secondary investments. This equates to roughly 8.5% of its portfolio.

Since inception in 1990, the pension fund's private equity investments have generated $33.4bn in profit to the end of June 2016.

Calpers is currently undergoing a process of consolidating the number of general partners it is working with in an effort to reduce complexity within its portfolio and to improve the cost effectiveness of its private equity programme. The LP has also been instrumental in developing reporting standards for fees in its role with the Institutional Limited Partners Association.

For further insight into Calpers' private equity investments, see the dedicated LP profile on unquote" data

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