{"id":13993,"date":"2026-06-10T21:31:57","date_gmt":"2026-06-10T21:31:57","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=13993"},"modified":"2026-06-10T21:31:57","modified_gmt":"2026-06-10T21:31:57","slug":"a-600-billion-experiment-kicks-off-at-calpers","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=13993","title":{"rendered":"A $600 billion experiment kicks off at CalPERS"},"content":{"rendered":"
\n

By Martin Z Braun<\/strong> | Bloomberg Markets<\/p>\n

Stephen Gilmore\u2019s 40-year tour of global finance has given him a front-row seat to the Russian debt crisis, the bailout of a financial giant and the rise of sovereign wealth funds. It\u2019s also taken him to a war zone. As the International Monetary Fund\u2019s representative in Tajikistan in the 1990s, Gilmore hunkered down in his office for three days as a militia advanced on the capital city of Dushanbe.<\/p>\n

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Now he has what many consider the hardest job in investing. Gilmore runs the $600 billion portfolio of the California Public Employees\u2019 Retirement System, the largest pension fund in the US. \u201cIt takes a lot to bother him,\u201d says Marcie Frost, chief executive officer of CalPERS and Gilmore\u2019s boss.<\/p>\n

Gilmore, who stepped in as chief investment officer in the summer of 2024, directs a staff of more than 300 while facing scrutiny from politicians, union leaders, environmentalists, taxpayer groups and the media. Some of that attention is because of the pension\u2019s sheer size: CalPERS\u2019 membership of 2.4 million retirees, beneficiaries and active employees is almost half the entire population of Gilmore\u2019s native New Zealand, where he ran the country\u2019s $50 billion sovereign wealth fund.<\/p>\n

But Gilmore, 64, also came into the job with a lot to do. The pension had only 74% of the funds needed to fulfill its long-term obligations, and its 10-year average annualized return of 6.2% at the end of the 2024 fiscal year was near the bottom of pension funds with assets greater than $10 billion, according to Wilshire\u2019s Trust Universe Comparison Service. In Gilmore\u2019s first fiscal year, ended June 2025, the fund earned 11.6%, its best return since 2021, and its funding level has risen to almost 84%. In his 23-month tenure, he\u2019s already outlasted his two predecessors in the role.<\/p>\n

His biggest challenge is yet to come, as he tries to make the giant fund a more flexible investor. In November, CalPERS became the first US public pension to formally adopt the so-called total portfolio approach, a strategy used by about a dozen sovereign wealth funds in the Asia-Pacific region and Canada. The idea is to ditch the rigid allocations to stocks, bonds, private equity and real estate around which many institutional investors organize their money managers\u2019 work. Instead, TPA calls for collaboration across the portfolio management team, with everyone keeping in mind the big picture\u2014and the best possible returns. It goes live in July.<\/p>\n

\u201cIt\u2019s about optimizing the whole portfolio rather than individual asset classes,\u201d Gilmore says. \u201cWhen you\u2019ve got a whole lot of separate teams trying to do the best thing, it may not aggregate to the best thing for the whole portfolio.\u201d Gilmore is well versed in TPA after using it during his almost nine years as chief investment strategist at Australia\u2019s Future Fund, then later as CIO of New Zealand\u2019s Superannuation Fund, which is designed to help the government pay for retirements, from 2019 to 2024. NZ Super returned 9.5% in that five-year period, fourth among 50 sovereign investors, according to the consulting firm Global SWF.<\/p>\n

A big bet<\/h4>\n

CalPERS is betting Gilmore can replicate the success he had in New Zealand with a fund that has more than 10 times the assets. There\u2019s a lot riding on the experiment. Failure to meet its 6.8% return target increases the burden on California\u2019s local governments to make up the difference\u2014money that could be used for affordable housing, hiring more teachers or boosting health services. That puts CalPERS managers under a harsh spotlight. \u201cIt\u2019s a very hard job, a very public job,\u201d says Theresa Taylor, president of the CalPERS board.<\/p>\n

\n<\/div>\n

Gilmore\u2019s predecessor as permanent CIO, Nicole Musicco, resigned after less than two years on the job, saying she needed to spend more time with her family in Toronto. The Canadian executive got some pushback internally on her focus on sports, technology and venture capital investments, Bloomberg reported at the time.<\/p>\n

Before Musicco, CIO Ben Meng chose to resign after state officials opened a review into whether he\u2019d violated conflict-\u00adof-interest rules. Meng had disclosed his own investments and relied on CalPERS to flag potential conflicts, \u00adaccording to \u00addocuments, and there was no evidence he sought personal gain. He agreed to pay a $10,000 fine in 2024 to resolve the issue. While managing the fund, he faced criticism for ending a hedging program in the weeks leading up to the Covid-19 pandemic; the decision cost the fund more than $1 billion in forgone payments. Meng said in a public meeting that the program was costly and that the fund\u2019s other risk controls cut losses by $11 billion.<\/p>\n

Margaret Brown, a former CalPERS board member and a vocal critic, says management churn at the top contributed to the fund\u2019s poor performance. \u201cWhen you don\u2019t have continuity at the top, it\u2019s hard to set a course,\u201d she says. \u201cWith every new leader\u00adship team, we\u2019ve gone in a different direction.\u201d<\/p>\n

A group headed by Brown commissioned a report that slams the fund\u2019s \u00adinvestment practices, pinning \u201cchronic under\u00adperformance\u201d on a lack of transparency, fees paid to outside money managers and a range of other issues. A shift over the years toward opaque alternative assets such as private equity, private credit and real estate has been especially costly, according to the report, which recommends appointing an independent inspector general.<\/p>\n

\n<\/div>\n

CalPERS\u2019 Frost calls the report an \u201copinion piece full of baseless assertions and breathless language.\u201d For the past two years, she says, CalPERS ranked in the top 5% of large US pension funds by performance, helped by its private equity portfolio. She also says the fund has cut fees as a percentage of total private equity investment since 2024.<\/p>\n

Gilmore says he knows the high stakes of running the fund. \u201cIn the end you must focus on the job at hand and not be distracted by some of the unwelcome headlines,\u201d he says.<\/p>\n

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Walking man<\/h4>\n

The man responsible for investing one of the largest pools of capital in the world doesn\u2019t own a car in the US. Gilmore, who earned $2.3 million last year, walks about a mile to his CalPERS office from his home in downtown Sacramento. He spends free time checking out rock bands (guitarist Jack White is a favorite), loves a good craft brewery and vacations at his hut on a New Zealand mountain pass, fishing for brown trout.<\/p>\n

Gilmore grew up in a seaside suburb of Christchurch, the biggest city on New Zealand\u2019s South Island. His father worked as a crane operator at the city\u2019s port, and his mother managed the household. On summer breaks from university, Gilmore also worked at the port, painting buildings, shoveling coal on a steamship and crewing on harbor boats. After graduating with an economics degree, he took a job at New Zealand\u2019s central bank. Then, like many Kiwis, he took time off to travel, backpacking solo through Asia.<\/p>\n

Afterward, he landed in London with a job structuring derivatives for Chase Manhattan Bank. \u201cThat one year away from New Zealand ended up being 30 years,\u201d says Gilmore, who\u2019s lived in 10 cities in six countries.<\/p>\n

He joined the IMF in 1992 as an economist in Washington. At the time, the IMF needed people with central banking experience to work with newly independent former Soviet states. Gilmore was sent to Tajikistan to help stabilize an economy in free fall. Not only was there a civil war, but inflation reached 2,000%, and the currency was rapidly depreciating. International workers faced threats and potential fallout from the fighting. \u201cWhen you\u2019re in those sorts of environments, you focus on what really matters,\u201d he says.<\/p>\n

Later he went to Morgan Stanley, working as an emerging-markets strategist, then to American International Group Inc.\u2019s financial products subsidiary, where he helped create an investable EM currency index. He was there when the insurer got a federal bailout after posting massive losses on mortgage-backed securities it insured. \u201cIt\u2019s a reminder to be thinking about what possible scenarios can occur,\u201d Gilmore says.<\/p>\n

After the global financial crisis, he became immersed in TPA at Australia\u2019s newly created Future Fund, where he gained a reputation as being broad-minded and unassuming\u2014and a strong backer of his team. \u201cHe sort of approaches the investment conundrum from a point of view of intellectual curiosity,\u201d says Raphael Arndt, the sovereign wealth fund\u2019s CEO. \u201cI don\u2019t think he\u2019s driven by wanting a big team or a high-profile job or anything like that. I think he\u2019s driven by the intellectual challenge.\u201d<\/p>\n

Instituting TPA at CalPERS will be an organizational feat. US pension managers traditionally divide portfolios into buckets, setting target allocations for stocks, bonds, alternative investments and so on. Separate asset-class teams fill each bucket and try to beat individual benchmarks. CalPERS currently has five such buckets.<\/p>\n

Splitting up a portfolio this way can ensure diversification and help hold portfolio management teams accountable by giving them clear benchmarks to beat. The downside is that managers can end up hewing too closely to their indexes and miss the forest for the trees. Just because an investment in a toll road might be the best idea a fund\u2019s infrastructure team can find, that doesn\u2019t necessarily mean it offers a better risk-\u00adadjusted return than other assets. With TPA, investment teams collaborate free from allocation restraints and try to pick investments to meet the portfolio\u2019s objectives.<\/p>\n

Analyzing how each investment affects the entire portfolio isn\u2019t a novel concept, says Eric Friedman, a partner at Aon Investments. \u201cA really good chief investment officer is going to look at things holistically regardless of whether they\u2019re doing strategic asset allocation or whether they\u2019re doing TPA,\u201d he says. While New Zealand Super had the third-best 10-year returns among 50 of the biggest sovereign investors from 2016 to 2025, Singapore\u2019s GIC, which also subscribes to TPA, was ranked near the bottom, at 40th, according to Global SWF.<\/p>\n

At CalPERS, overall performance will be gauged against a passive reference portfolio of 75% global stocks and 25% bonds, though teams will also still have asset benchmarks that will be reported to the board. Gilmore says he believes the TPA approach could add an average 0.5 to 0.6 percentage points of return over the reference portfolio annually, translating into billions of dollars over time. But extreme market volatility or underperformance could create pressure to abandon the strategy.<\/p>\n

\u201cIf this is a failure, I imagine the press is going to rail him,\u201d says Taylor, the president of the board. \u201cHe has the utmost confidence. That\u2019s what\u2019s so cool about him. He has the utmost confidence that it\u2019s going to work. \u2014With Amy Bainbridge<\/p>\n

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Braun reports on municipal finance for Bloomberg News in New York.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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