CalPERS hires new CIO

Meng joined from State Administration of Foreign Exchange (Safe), the Chinese foreign exchange regulatory agency that functions as a bureau under the People's Republic of China, where he served as deputy CIO.

Prior to Safe, Meng worked at Calpers as an investment director of asset allocation for seven years.

"We are so pleased to welcome Ben back to Calpers," CEO Marcie Frost said. He added that Meng knows the complexities of their system and can hit the ground running.

Meng replaces Ted Iliopoulos, who announced he would leave the organisation by the beginning of 2019 in order to relocate to New York to be closer to his family.

Meng will report to Frost, and will be responsible for investment policies, risk management, corporate governance standards, and environmental, social and governance strategies. He will also implement the asset allocation set by the Calpers board, and manage the investment portfolio.

The California-based pension scheme is set to revise its private equity programme and has held the second reading of proposed major changes on August 2018. Its annual private equity programme review is scheduled for November.

The value of Calpers' private equity portfolio has grown to $27.3bn, which represents 7.5% of its asset allocation. The pension scheme has recently committed $200m to Permira Growth Opportunities I, $366m to Carlyle Europe Partners V and $415m to Bridgepoint Europe VI.

Prior to Calpers, Meng also worked for Barclays Global Investors, Lehman Brothers and Morgan Stanley.

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