CalPERS has appointed Nicole Musicco, a partner at Next York-based RedBird Capital Partners, as its new CIO, after an 18-month search.
Yu “Ben” Meng, who resigned from the Sacramento-based California Public Employees’ Retirement System in August 2020 after suspicions surfaced about some of his personal stock holdings, was replaced by Ms Musicco.
Ms Musicco will start on March 28 and report to CEO Marcie Frost at the $479.6 billion pension fund.
CalPERS CIO Nicole Musicco: Her Wikipedia Explored
Nicole Musicco, the CIO of CalPERS is responsible for RedBird’s Toronto office, as well as the firm’s impact and diversity investment initiatives and business development activities in Canada.
Musicco graduated from Western University in London, Ontario, with bachelor’s degrees in kinesiology and business administration, as well as an MBA.
Since Meng’s departure, CalPERS’ deputy chief investment officer, Dan Bienvenue, has been functioning as an interim chief investment officer.
She joined RedBird, which manages $5 billion in assets, in 2020 and was the firm’s only female partner at the time.
She worked for 16 years at the C$227.7 billion Ontario Teachers’ Pension Plan, where she led both the private equity and public equity investment teams and spent a year as senior managing director.
Ms Musicco established Ontario Teachers’ first office in the Asia-Pacific area while at the company, and she stayed in the Hong Kong office for more than a year, working to establish the company’s position in the region.
Likewise, Musicco said in an interview that the CIO role brings her skill set together, which includes investing in alternative assets and working with other bright people.
Nicole Musicco Net Worth: Is She Rich?
As the net worth of Nicole Musicco is unknown, while overseeing a staff of approximately 350 investment specialists, the new CIO must aim for actuarial returns of 6.8% each year.
The pension invests in real estate funds and assets, as well as public shares and bonds, as well as hundreds of private equity, venture capital, and hedge fund firms.
Musicco comes to CalPERS after leading the firm’s Canadian investment division at RedBird Capital Partners.
About Nicole Musicco Husband
Nothing about Nicole Musicco’s husband is known to the world as of now. She seems to be completely focused on her career as of now.
She formerly worked at the Investment Management Corporation of Ontario, where she was in charge of the private markets investment program.
In addition, she also helped establish the fund’s foothold in Asia by opening its Asia Pacific office in Hong Kong.