Chief Investment Officer

Stephen Gilmore serves as CalPERS chief investment officer and assumed the role in July 2024. He leads the CalPERS Investment Office and is responsible for Total Fund investment strategies and business management.

As chief investment officer, Gilmore oversees a team of more than 300 professionals and a portfolio valued at over $500 billion.

Stephen has earned global recognition as an investment leader during his 40-year career working in public and private financial institutions. Before joining CalPERS, he served for more than five years as chief investment officer of the government-owned New Zealand Superannuation Fund, a sovereign wealth fund.

The New Zealand fund was valued at $75 billion (NZD) when he left in mid-2024, nearly doubling in size under his watch. It achieved annual investment returns of more than 12% from 2013 to 2022 and was named the best performing sovereign investor globally over the preceding 10 years in 2023.

He was also chief investment strategist of the Future Fund, Australia’s sovereign wealth fund and oversaw portfolio strategy, portfolio overlays, investment risk and investment data and analytics. While in the private sector, Stephen held international positions with AIG Financial Products and Morgan Stanley. He held positions as an economist and a resident representative in Tajikistan with the International Monetary Fund and at the Reserve Bank of New Zealand as a research officer.

Stephen attended the University of Canterbury in Christchurch, New Zealand and earned a Bachelor of Commerce and a Master of Commerce in economics. He is a chartered accountant and a graduate of the Australian Institute of Company Directors.