Private Debt Investment Analyst

California Public Employees' Retirement System (CalPERS), the nation's largest public pension fund with approximately $625.70 billion in assets as of June 2026, is seeking a Private Debt Investment Analyst to join its investment team.

About CalPERS:

CalPERS is a global institutional investor and destination employer with an international reputation for leadership and innovation. The fund provides retirement and health benefits to more than 2 million California public employees, retirees, and their families.

Role Overview:

This position is classified as Investment Officer I within the Public Employees Retirement Systems classification. The analyst will work within CalPERS's private debt investment program, supporting portfolio management, manager selection, and ongoing monitoring across the private credit asset class.

Key Responsibilities:

- Support the investment team in evaluating private debt fund managers, co-investments, and direct lending opportunities

- Conduct quantitative and qualitative analysis of private debt strategies including direct lending, mezzanine, distressed debt, and asset-based lending

- Prepare investment memos, due diligence reports, and portfolio monitoring updates for the investment committee

- Monitor existing private debt investments, track performance metrics, and assess compliance with mandate guidelines

- Collaborate with external managers to review portfolio reporting, valuations, and risk metrics

- Assist in the development and maintenance of portfolio analytics and reporting tools

- Stay current on market trends, regulatory developments, and best practices in private credit markets

Compensation:

- Base salary range: $4,365–$8,290 per month

- CFA certification holders eligible for 5% monthly base pay differential

- Hybrid work arrangement from Sacramento

Qualifications:

- Bachelor's degree in finance, economics, or related field

- 2+ years of experience in investment management, private equity, credit analysis, or related financial services

- Strong analytical, financial modeling, and written communication skills

- CFA candidacy or designation preferred