When CalPERS’ top investment executive Dick Luskin leaves on Saturday, at least one of his remaining top deputies may soon have a title that jibes with his role: Private Equity.
Bill Mills is going to be managing general partner of Vanguard Venture Capital Group, a senior vice president at CalPERS said on Friday, and soon the conversation will shift to what the name change says about the fund-of-funds office that Mr. Mills is heading.
CalPERS’ large investment portfolio relies heavily on private equity and real estate, and some in the sector have proposed that private equity become its own asset class within the fund-of-funds arena. Mr. Mills will help set the table.
CalPERS, California’s pension fund, invests $209 billion in global markets and managed a similar figure internally as well as externally, covering a broad swath of asset classes such as fixed income, real estate, private equity and hedge funds. Mr. Mills also heads up the fund’s external search and portfolio advisory activities, which oversees searches for external asset managers and hires within CalPERS for $160 billion in fixed income and $30 billion in stocks.
Read the full story at The Hill.
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