The California Public Employees' Retirement System, the country's biggest pension fund, Tuesday appointed pension-fund veteran Real Desrochers as its private-equity program's senior investment officer.
In his new post, Desrochers will manage a portfolio worth $49 billion in committed capital. He will also oversee the private-equity team at Calpers, as the fund is known, as well as its external advisors.
Desrochers previously worked at the California State Teachers' Retirement System, a Calpers sister fund, until 2009, where he oversaw its private-equity program also.
Calpers chief investment officer Joseph Dear highlighted Derochers' success in that role, noting he generated returns above 17% during his decade there.
Before the California teachers' fund, Desrochers also worked at Caisse de Depot of Quebec, Canada's largest pension plan for more than 11 years.
Joan E. Solsman is a reporter for Dow Jones Newswires, where this story originally appeared. Write to her here.