What are the responsibilities and job description for the Investment Manager position at CalPERS?
Equal Opportunity Employer
The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.
It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.
Position Details
Job Code #:
JC-517585
Position #(s):
275-091-4637-XXX
Working Title:
Investment Manager
Classification:
INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM
$15,250.00 - $25,416.67
Annual Salary Range: $183,000 - $305,000
This position is eligible for annual and long-term incentive awards. The annual incentive opportunity is 0-75% of salary and is based on the level of achievement against several quantitative and qualitative measures. The long-term incentive program provides an additional opportunity of 0-75% of base salary beginning after five years and when absolute total fund returns meet or exceed board-approved thresholds.
New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.
# of Positions:
1
Work Location:
Sacramento County
Telework:
Hybrid
Job Type:
Permanent, Full Time
Department Information
California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $627.01 billion as of May 20, 2026. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation. At CalPERS, we’re committed to people – the people we serve, our team members, and the larger community around us. CalPERS is situated near the Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations, and we offer competitive benefit packages, compensation, and opportunities for advancement. Our people are deeply committed to our Mission & Vision and their decisions and actions are guided by our Investment Beliefs .
If you are interested in becoming part of a diverse and inclusive workforce where talent, experience, and expertise are valued, CalPERS invites you to apply for this employment opportunity. To find out more about our Diversity, Equity, and Inclusion efforts, visit our website !
To take a look at CalPERS as a destination employer, view this YouTube video .
Job Description And Duties
Investment Manager (California Public Employees' Retirement System; Sacramento, CA): Lead integration of environmental, social, and governance (ESG) considerations into CalPERS' investment decision-making process. Maintain and update ESG-related policies and procedures, including CalPERS Governance & Sustainability Principles. Oversee ESG data collection, management, and analysis. Collaborate with senior management to align investment practices with responsible and sustainable principles. Improve portfolio resilience by assessing ESG factors and mitigating ESG risks. Promote ESG initiatives across CalPERS and among external partners and stakeholders. Implement labor standards best practices into ESG frameworks. Provide leadership on ESG matters with internal and external stakeholders. Stay informed on emerging ESG trends, market developments, and best practices to ensure CalPERS remains at the forefront of responsible investing. Lead investment due diligence and review processes onsite and virtually, ensuring ESG standards are reflected in investment documentation and reporting requirements. Work closely with investment teams, portfolio managers, and research analysts to integrate ESG factors into investment strategies. Oversee and direct the execution of investment trades, ensuring alignment with ESG criteria and objectives. Conduct in-depth ESG research and trend analysis to identify material ESG impacts. Foster relationships with external data providers and rating agencies. Develop and maintain performance metrics and indicators. Monitor and evaluate portfolio performance on an ongoing basis against both ESG and financial objectives, providing actionable insights to optimize outcomes. Prepare reports and presentations on ESG performance for senior leadership and clients. Monitor ESG-related regulatory developments and ensure compliance in collaboration with Legal and Compliance teams. Mentor, train, and evaluate finance and business staff in ESG-related functions, building organizational capacity and expertise in sustainable investing. Engage with investors to communicate CalPERS’ ESG strategies and performance, addressing inquiries and fostering transparency. Represent CalPERS at conferences, industry events, and in media inquiries.
This position is designated office centered and works primarily onsite, Sacramento, CA Headquarters, at least but not limited to three weekdays.
This position will run until filled, with cutoff dates for review every Sunday until filled.
You will find additional information about the job in the Duty Statement .
Special Requirements
In addition to the minimum requirements stated in the class specifications, CalPERS requires:Bachelor’s degree or foreign equivalent in Finance, Economics, Accounting, Public Policy, or a related field, plus five (5) years of experience as an Investment Manager, Senior Associate, Business Operations Director, Consultant, or related occupation.
Must have experience with the following: management techniques and practices related to institutional investments: risk management, due diligence, financial analysis, and the acquisition and sale of investments; fiduciary principles and ethics; economic principles and trends and their impact on investment portfolios; analyzing and assessing valuation impacts; organizing complex investment information, analyses, and alternatives; creating written and oral presentations; reporting investment ESG performance; assisting in the recruitment, selection, and development of broader finance/business staff; evaluating and integrating complex investment information, analyses, and alternatives; gathering and analyzing a broad range of economic and investment information, and synthesize it into concise and coherent conclusions and recommendations; understanding, developing, overseeing and using a variety of analytical and quantitative techniques and tools to measure and monitor risk within and across investment types; work external contacts, such as consultants, and negotiate agreements; management techniques and practices related to institutional investments in multiple asset classes, including portfolio risk management; questioning legal interpretation of complex legislative, regulatory or business matters; interpreting complex computerized diagnostic and analytical text to bring into comprehensive decision making for investment purposes; overseeing investment ESG performance reporting; acting as lead on large and/or complex projects or assignments; and evaluating and integrating complex investment information, analyses, and alternatives, weighing the effects those decisions might have on their functional area.
All experience and education relating to the Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. The Classification Specification is located on this Job Posting under "Minimum Requirements."
Application Instructions
Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.
Final Filing Date: Until Filled
Who May Apply
Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list or LEAP eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply.
Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process. Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).
How To Apply
Complete Application Packages (including Your Examination/Employment Application (STD 678) And Applicable Or Required Documents) Must Be Submitted To Apply For This Job Posting. Application Packages May Be Submitted Electronically Through Your CalCareer Account At Www.CalCareers.ca.gov. When Submitting Your Application In Hard Copy, a Completed Copy Of The Application Package Listing Must Be Included. If You Choose To Not Apply Electronically, a Hard Copy Application Package May Be Submitted Through An Alternative Method Listed Below:
Address for Mailing Application Packages
You may submit your application and any applicable or required documents to:
Public Employees Retirement System
Postal
Attn: JC-517585/NM
Human Resources Division, Recruitment
P. O. Box 942718
Sacramento , CA 94229-2718
Address for Drop-Off Application Packages
You may drop off your application and any applicable or required documents at:
Public Employees Retirement System
Drop-Off
HRSD, EIR JC-517585/NM
400 Q Street, Lincoln Plaza North
1st floor drop box by security desk
Sacramento , CA 95811
08:00 AM - 05:00 PM
Required Application Package Documents
The Following Items Are Required To Be Submitted With Your Application. Applicants Who Do Not Submit The Required Items Timely May Not Be Considered For This Job:
The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.
It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.
Position Details
Job Code #:
JC-517585
Position #(s):
275-091-4637-XXX
Working Title:
Investment Manager
Classification:
INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM
$15,250.00 - $25,416.67
Annual Salary Range: $183,000 - $305,000
This position is eligible for annual and long-term incentive awards. The annual incentive opportunity is 0-75% of salary and is based on the level of achievement against several quantitative and qualitative measures. The long-term incentive program provides an additional opportunity of 0-75% of base salary beginning after five years and when absolute total fund returns meet or exceed board-approved thresholds.
New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.
# of Positions:
1
Work Location:
Sacramento County
Telework:
Hybrid
Job Type:
Permanent, Full Time
Department Information
California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $627.01 billion as of May 20, 2026. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation. At CalPERS, we’re committed to people – the people we serve, our team members, and the larger community around us. CalPERS is situated near the Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations, and we offer competitive benefit packages, compensation, and opportunities for advancement. Our people are deeply committed to our Mission & Vision and their decisions and actions are guided by our Investment Beliefs .
If you are interested in becoming part of a diverse and inclusive workforce where talent, experience, and expertise are valued, CalPERS invites you to apply for this employment opportunity. To find out more about our Diversity, Equity, and Inclusion efforts, visit our website !
To take a look at CalPERS as a destination employer, view this YouTube video .
Job Description And Duties
Investment Manager (California Public Employees' Retirement System; Sacramento, CA): Lead integration of environmental, social, and governance (ESG) considerations into CalPERS' investment decision-making process. Maintain and update ESG-related policies and procedures, including CalPERS Governance & Sustainability Principles. Oversee ESG data collection, management, and analysis. Collaborate with senior management to align investment practices with responsible and sustainable principles. Improve portfolio resilience by assessing ESG factors and mitigating ESG risks. Promote ESG initiatives across CalPERS and among external partners and stakeholders. Implement labor standards best practices into ESG frameworks. Provide leadership on ESG matters with internal and external stakeholders. Stay informed on emerging ESG trends, market developments, and best practices to ensure CalPERS remains at the forefront of responsible investing. Lead investment due diligence and review processes onsite and virtually, ensuring ESG standards are reflected in investment documentation and reporting requirements. Work closely with investment teams, portfolio managers, and research analysts to integrate ESG factors into investment strategies. Oversee and direct the execution of investment trades, ensuring alignment with ESG criteria and objectives. Conduct in-depth ESG research and trend analysis to identify material ESG impacts. Foster relationships with external data providers and rating agencies. Develop and maintain performance metrics and indicators. Monitor and evaluate portfolio performance on an ongoing basis against both ESG and financial objectives, providing actionable insights to optimize outcomes. Prepare reports and presentations on ESG performance for senior leadership and clients. Monitor ESG-related regulatory developments and ensure compliance in collaboration with Legal and Compliance teams. Mentor, train, and evaluate finance and business staff in ESG-related functions, building organizational capacity and expertise in sustainable investing. Engage with investors to communicate CalPERS’ ESG strategies and performance, addressing inquiries and fostering transparency. Represent CalPERS at conferences, industry events, and in media inquiries.
This position is designated office centered and works primarily onsite, Sacramento, CA Headquarters, at least but not limited to three weekdays.
This position will run until filled, with cutoff dates for review every Sunday until filled.
You will find additional information about the job in the Duty Statement .
Special Requirements
In addition to the minimum requirements stated in the class specifications, CalPERS requires:Bachelor’s degree or foreign equivalent in Finance, Economics, Accounting, Public Policy, or a related field, plus five (5) years of experience as an Investment Manager, Senior Associate, Business Operations Director, Consultant, or related occupation.
Must have experience with the following: management techniques and practices related to institutional investments: risk management, due diligence, financial analysis, and the acquisition and sale of investments; fiduciary principles and ethics; economic principles and trends and their impact on investment portfolios; analyzing and assessing valuation impacts; organizing complex investment information, analyses, and alternatives; creating written and oral presentations; reporting investment ESG performance; assisting in the recruitment, selection, and development of broader finance/business staff; evaluating and integrating complex investment information, analyses, and alternatives; gathering and analyzing a broad range of economic and investment information, and synthesize it into concise and coherent conclusions and recommendations; understanding, developing, overseeing and using a variety of analytical and quantitative techniques and tools to measure and monitor risk within and across investment types; work external contacts, such as consultants, and negotiate agreements; management techniques and practices related to institutional investments in multiple asset classes, including portfolio risk management; questioning legal interpretation of complex legislative, regulatory or business matters; interpreting complex computerized diagnostic and analytical text to bring into comprehensive decision making for investment purposes; overseeing investment ESG performance reporting; acting as lead on large and/or complex projects or assignments; and evaluating and integrating complex investment information, analyses, and alternatives, weighing the effects those decisions might have on their functional area.
All experience and education relating to the Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. The Classification Specification is located on this Job Posting under "Minimum Requirements."
Application Instructions
Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.
Final Filing Date: Until Filled
Who May Apply
Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list or LEAP eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply.
Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process. Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).
How To Apply
Complete Application Packages (including Your Examination/Employment Application (STD 678) And Applicable Or Required Documents) Must Be Submitted To Apply For This Job Posting. Application Packages May Be Submitted Electronically Through Your CalCareer Account At Www.CalCareers.ca.gov. When Submitting Your Application In Hard Copy, a Completed Copy Of The Application Package Listing Must Be Included. If You Choose To Not Apply Electronically, a Hard Copy Application Package May Be Submitted Through An Alternative Method Listed Below:
Address for Mailing Application Packages
You may submit your application and any applicable or required documents to:
Public Employees Retirement System
Postal
Attn: JC-517585/NM
Human Resources Division, Recruitment
P. O. Box 942718
Sacramento , CA 94229-2718
Address for Drop-Off Application Packages
You may drop off your application and any applicable or required documents at:
Public Employees Retirement System
Drop-Off
HRSD, EIR JC-517585/NM
400 Q Street, Lincoln Plaza North
1st floor drop box by security desk
Sacramento , CA 95811
08:00 AM - 05:00 PM
Required Application Package Documents
The Following Items Are Required To Be Submitted With Your Application. Applicants Who Do Not Submit The Required Items Timely May Not Be Considered For This Job:
- Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at www.CalCareers.ca.gov. All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.
- Resume is optional. It may be included, but is not required.
Salary : $15,250 - $25,417