CalPERS promoted Anton Orlich to deputy chief investment officer for private markets, giving him oversight of private equity, private credit, real estate, infrastructure and alternatives programs. The move follows a global search and takes effect immediately. Orlich has led the pension's private equity effort since 2022.

Orlich inherits responsibility for one of institutional investing's most watched portfolios. CalPERS manages roughly $450 billion in assets and ranks among the most influential private equity investors globally. Its allocation decisions often signal broader market trends and influence how other large institutions deploy capital across alternative investments.

The promotion rewards exceptional performance. Over the 12 months to March 31, the fund's private equity portfolio returned 21.5%, which CalPERS claims ranked first among large US public pension funds. This strong showing helped justify expanding Orlich's mandate to encompass the full private markets spectrum.

The appointment signals continuity amid ongoing portfolio expansion. Large institutional investors are increasing allocations to private credit and infrastructure as they seek diversification beyond traditional equity and fixed income. Orlich's elevation suggests CalPERS will maintain its aggressive approach to alternative investments.