What are the responsibilities and job description for the INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM position at Public Employees Retirement System?
An executive search firm will be assisting in the recruitment process for this position. Your application package will be forwarded to their team for consideration.
Anticipated Interview Dates: We anticipate holding virtual interviews on an ongoing basis until the position is filled. We look
forward to meeting with you!
Our Private Debt (PD) Asset Class is currently seeking an Investment Manager (IM) to assist in managing the CalPERS Private Debt Portfolio and the Enhanced Return Portfolio. In addition, the IM will serve as a mentor and be responsible for training and leading staff in the day-to-day underwriting, execution, and monitoring of PD investment strategies. The IM will maintain a positive team management approach while demonstrating CalPERS’ Core Values of Quality, Respect, Integrity, Openness, Accountability, and Balance in accordance with personal work ethic and CalPERS Investment Beliefs.
Duties include, but are not limited to:
Lead the day-to-day implementation of investment strategies and policies within the CalPERS Private Debt portfolios to ensure investments earn the highest rate of return at strategically targeted risk levels.
Mentoring staff to support each other's growth and development, as well as contribute to being a best-in-class team.
Responsible for recommending new and innovative investment strategies to the MID and ID to improve returns or better manage risk.
Make significant contributions to the PD team’s investment decisions by being aware and informed of the market conditions of the private debt sector, which includes structured products.
Telework Information: This position is eligible for a hybrid work schedule, with up to two days of remote work and three days or more onsite per week.
Sponsorship: CalPERS does not participate in E-Verify for employment authorization purposes.
This position will run until filled, with cutoff dates for review with the first cutoff date April 5, 2026, followed by every Sunday until filled.
How did you hear about this position? Tell us in this brief survey.
You will find additional information about the job in the Duty Statement.
You will find the Minimum Requirements in the Class Specification.
INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Job Application Package Checklist
Duty Statement
Job Code #:
JC-512757
Position #(s):
275-650-4637-013
Working Title:
Private Debt Investment Manager
Classification:
INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM
$15,250.00 - $25,416.67
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
California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $590.32 billion as of March 27, 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.
Recruitment Process
An executive search firm will be assisting in the recruitment process for this position. Your application package will be forwarded to their team for consideration.
Minimum Qualifications
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."
Please Note: You may need to pass an examination to establish list eligibility prior to any type of job offer. To find and take an exam, visit the CalHR’s CalCareers website.
Career Services & Outreach
Need help with your state application, resume, Statement of Qualifications, or interview preparation?
The CalPERS Career Services & Outreach (CSO) team provides comprehensive support throughout the CalPERS hiring process. Our services include one-on-one online consultations for application assistance, Statement of Qualification review, and interview preparation. To schedule an appointment and receive personalized guidance from our team, please use the following booking link: CalPERS Career Services Consultations.
In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:
Ability to maintain consistent attendance.
Ability to demonstrate punctuality, initiative, and dependability.
Ability to model and support CalPERS Core Values (Integrity, Accountability, Respect, Openness, Quality, and Balance).
Ability to model CalPERS Competencies and demonstrate proficiency in: Collaboration, Leading People, Leading Change, Driving Results, Business Acumen, Communication, and Leading Self.
Salary : $183,000 - $305,000
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