CalPERS has restructured its alternative investment leadership, promoting Anton Orlich to deputy chief investment officer for private markets. Orlich, who joined the pension fund in 2022 to lead its private equity turnaround, now oversees approximately $250 billion across private equity, private credit, real estate, infrastructure and other alternatives.

The move consolidates oversight of CalPERS' sprawling private markets portfolio under one executive, streamlining decision-making for the $400 billion system's alternative strategies. Orlich previously worked at Coller Capital before joining the California pension giant, bringing secondaries expertise to the role.

This restructuring reflects growing importance of private markets at public pension funds seeking yield in challenging markets. By creating a unified command structure, CalPERS aims to improve coordination across its alternative investments as it navigates a more complex deal environment.

The appointment signals CalPERS' commitment to sophisticated secondaries strategies and cross-asset class integration. Orlich's expanded mandate puts him at the center of one of institutional investing's largest private markets operations, with influence over how the fund allocates capital across alternative asset classes.