Investment Director, Private Debt

CalPERS (California Public Employees' Retirement System) is the largest public pension fund in the United States, managing over $500 billion in assets and a significant LP in private equity and alternative investment funds. The Investment Director, Private Debt will join the Private Debt (PD) team to assist in managing CalPERS' Private Debt Portfolio and Enhanced Return Portfolio, contributing to strategy, implementation, and platform strength to achieve risk-adjusted return objectives aligned with the CalPERS mission.

Key Responsibilities:

- Oversee day-to-day underwriting and monitoring of investments and investment strategies within the CalPERS Private Debt portfolio

- Proactively contribute to portfolio strategy and propose new private debt investment opportunities; maintain an active network to source deals

- Lead the deal process including due diligence, dynamic contract negotiations, and investment committee presentations with risk analysis and stress testing

- Manage and coach deal team members; contribute to collaborative culture across the Investment Office (INVO)

Compensation:

- Base salary: $240,750 – $401,250 per year ($20,062.50 – $33,437.50/month)

- Annual incentive: 0–120% of salary based on quantitative and qualitative measures

- Long-term incentive: 0–120% of base salary beginning after five years when total fund return thresholds are met

Location: Sacramento, CA | Hybrid (up to 2 days remote per week)

Job Type: Permanent, Full-time

An executive search firm is assisting in the recruitment process.