April 2, 2024

Communications & Stakeholder Relations
Office of Public Affairs
(916) 795-3991 - newsroom@calpers.ca.gov

SACRAMENTO, Calif. – The California Public Employees' Retirement System has selected Stephen Gilmore, a senior investment leader with extensive experience in public and private financial institutions and across cultures and geographies, as the pension fund's chief investment officer.

His appointment is expected to become effective in July.

Gilmore, an internationally recognized investment leader whose career has spanned 40 years, comes to CalPERS after more than five years as the chief investment officer of the New Zealand Superannuation Fund (NZ Super Fund), a sovereign wealth fund owned by the New Zealand government and valued at more than $73 billion (NZD).

"Stephen has worked in very public roles during his career for organizations where transparency and resiliency are essential," said CalPERS Chief Executive Officer Marcie Frost. "He brings not only a wealth of investing knowledge to the job, but he also has the temperament to understand the needs of our members and public sector employers who depend on CalPERS to be a steady, long-term partner."

As chief investment officer for NZ Super Fund since 2019, Gilmore has overseen the world's best-performing sovereign fund, with annual investment returns of more than 12% a year over the past decade.

"Stephen brings an unmatched knowledge of global investing and managing diverse and high-performing investment professionals," said CalPERS President Theresa Taylor. "We conducted an exhaustive, worldwide search for a deeply skilled leader to continue our mission of providing retirement benefits to California's public sector workers, and we are confident Stephen is the right person for the job."

Gilmore was chief investment strategist of the Future Fund, Australia's sovereign wealth fund. There, he oversaw efforts such as portfolio strategy, portfolio overlays, and investment risk. He has also held senior international positions with AIG Financial Products and Morgan Stanley, as well as assignments with the International Monetary Fund and the Reserve Bank of New Zealand.

"I'm grateful to CalPERS' leaders for the trust they've put in me to help shape the pension fund's next chapter," Gilmore said. "There are high expectations, and rightly so, when it comes to fulfilling the promises made in serving those who serve California."

Gilmore succeeds Nicole Musicco, who left CalPERS last September. As chief investment officer, he will oversee a team of more than 300 investment professionals and a portfolio valued at $494.6 billion. His arrival comes shortly after the launch of a sweeping Sustainable Investments 2030 plan, which includes investing $100 billion in climate solutions over the next six years.

The annual salary for the position, not including incentives based on fund performance relative to established benchmarks, is $718,750.

About CalPERS

For more than nine decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their life's work in public service. Our pension fund serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. For more information, visit www.calpers.ca.gov.