CalPERS hires Altamont’s Ruiz as PE director, closing 2-year vacancy

Why this is important: CalPERS fills key position that had been vacant for two years

California Public Employees Retirement System hired an executive from Altamont Capital Partners to lead its private equity program, a post that had been vacant for more than two years.

Greg Ruiz is the new managing director, CIO Ben Meng said at the May 13 investment committee meeting.

“Greg has worked his whole career in private equity, most recently as a principal at Altamont Capital Partners, based in Palo Alto, and worked in FFL Partners in San Francisco and also at Goldman Sachs,” Meng said. “He understands the complex nature of the asset class and will be a wonderful addition to our team when he joins this summer.”

Ruiz will take over from Sarah Corr, who has held the managing director position on an interim basis since Real Desrochers left in April 2017. Meng thanked Corr for providing a steadying influence on CalPERS’s PE program.

Ruiz will come in during a period of transition for CalPERS, which has seen turnover on its board and among senior investment staff in 2019. The PE program is also facing changes, with the board giving a preliminary green light to an ambitious plan to start up two new CalPERS-controlled funds that would invest in long-hold opportunities and in technology, with CalPERS as the sole LP.

CalPERS at the meeting also introduced a new chair for the investment committee, electing Rob Feckner.

The previous investment committee chair, Bill Slaton, was recently replaced as one of the two gubernatorial appointees on the board, losing his seat to new board member Lisa MiddletonTheresa Taylor was elected vice chair of the investment panel.

Action Item: View materials from CalPERS latest investment committee meeting here