Anton Orlich
The California Public Employees’ Retirement System announced Thursday that it will promote Anton Orlich to oversee the pension funds alternative investments in the role of deputy CIO for private markets, after serving as the pension fund’s director of private equity since 2022.
Orlich succeeds Daniel Booth, who stepped down from his role in October 2025. Orlich will oversee all of CalPERS alternative investment programs, including private equity, private credit, real estate, infrastructure and other programs.
Additionally, to lead the fund’s transition to a total portfolio approach, CalPERS has tapped Derek Walker, head of research and total fund management at the Canadian Pension Plan Investment Board to be its managing investment director for total fund portfolio management.
Walker will succeed Sterling Gunn, who retired from CalPERS in 2025, and his appointment is effective July 2026, when CalPERS will formally adopt a total portfolio approach.
CalPERS became the first public pension plan in the U.S. to indicate it plans to adopt TPA last November. TPA, which is a change from the Modern Portfolio Theory and Tactical Asset Allocation approaches that have dominated asset management since the 1950s—aims to view a portfolio holistically and dynamically, rather than through asset class buckets. CPP Investments, and several global investors have adopted the model, including the Guardians of New Zealand Superannuation fund, where CalPERS CIO Stephen Gilmore previously held the CIO role.
Derek Walker
“I am delighted to welcome Derek to the team,” Gilmore said in a statement. “This is a critical position for the Investment Office, and it was important to hire an expert investor with a solid grasp of portfolio management and construction as we prepare for a Total Portfolio Approach. I believe we found the right person for the job.”
CalPERS managed $625.70 billion in assets as of June 10, including $119.3 billion in private equity and $25.4 billion in private debt, as of March 31.
Tags: California Public Employees’ Retirement System, CalPERS, Private Markets, Total Portfolio Approach