Ex-OTPP Asia head named CalPERS CIO

She becomes only the second woman to lead investment operations for the largest public pension fund in the US. As of September 2021, CalPERS had USD 480bn in assets, including a USD 44bn allocation to private equity.

Musicco (pictured) joined OTPP in 2002 and spent two years heading up Asia between 2015 and 2017, before returning to Canada to lead public equities coverage globally. She departed for Investment Management Corporation of Ontario (IMCO) in 2018 and then became a partner at Redbird Capital Partners – known for its sports exposure – in 2020.

Musicco’s appointment follows the departure of previous CIO Ben Meng in 2020 amid questions about his personal investments. Meng also came into the job with Asian experience, having served as deputy CIO of China’s State Administration of Foreign Exchange (SAFE).

CalPERS has increased its funded status from 60% to 80% over the past five years and wants to leverage private markets to continue closing the gap. A new asset allocation mix was adopted late last year. The private equity target rose from 8% to 13% and a 5% private debt allocation was introduced. CalPERS also added 5% leverage to its investment portfolio.

“CalPERS has achieved remarkable success during the last five years, strengthening the organization, navigating the pandemic, and improving its funded status,” Musicco said in a statement.

“My goal is to build on these achievements recognizing that, as long-term investors, CalPERS must maintain focus and discipline to deliver consistent investment returns and retirement security for dedicated public servants.”

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• Topics
• LPs
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• Canada
• California Public Employees' Retirement System (CalPERS)
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