Calpers bolsters PE team with new investment MD

His responsibilities include leading the private equity programme.

Ruiz joins from Altamont Capital Partners, where he served as principal. He has previously worked for FFL Partners and Goldman Sachs' private equity group.

"Ruiz has spent his entire career in private equity across fund and direct investing, and his expertise and leadership will be pivotal to our programme as we continue to explore different approaches to investing in private equity," said Ben Meng, Calpers' chief investment officer.

Ruiz replaces Sarah Corr, who has served as interim managing investment director for private equity since the departure of Real Desrochers in 2017. Desrochers left the pension fund to take position as managing director with Citic Private Equity, an asset management firm.

Calpers reviewed its private equity business model at a meeting on 18 March. The LP decided to commit to late-stage venture and growth capital investments, as well as long-term investments in core economy companies.

The pension scheme's value of private equity investments has grown to $27.6bn, representing 7.6% of the portfolio. It has recently committed to TPG Capital Asia VII, Summit Partners Growth Equity Fund X, and Welsh Carson Anderson and Stowe XIII.

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