Job Description

Job Description and Duties

An executive search firm will be assisting in the recruitment process for this position. Your application package will be forwarded to their team for consideration.

Anticipated Interview Dates: We anticipate holding virtual interviews on an ongoing basis until the position is filled. We look forward to meeting with you!

Our Private Debt (PD) Asset Class is currently seeking an Investment Manager (IM) to assist in managing the CalPERS Private Debt Portfolio and the Enhanced Return Portfolio. In addition, the IM will serve as a mentor and be responsible for training and leading staff in the day-to-day underwriting, execution, and monitoring of PD investment strategies. The IM will maintain a positive team management approach while demonstrating CalPERS’ Core Values of Quality, Respect, Integrity, Openness, Accountability, and Balance in accordance with personal work ethic and CalPERS Investment Beliefs.

Duties include, but are not limited to:

• Lead the day-to-day implementation of investment strategies and policies within the CalPERS Private Debt portfolios to ensure investments earn the highest rate of return at strategically targeted risk levels. 
• Mentoring staff to support each other's growth and development, as well as contribute to being a best-in-class team. 
• Responsible for recommending new and innovative investment strategies to the MID and ID to improve returns or better manage risk. 
• Make significant contributions to the PD team’s investment decisions by being aware and informed of the market conditions of the private debt sector, which includes structured products.

Telework Information: This position is eligible for a hybrid work schedule, with up to two days of remote work and three days or more onsite per week.

Sponsorship:  CalPERS does not participate in E-Verify for employment authorization purposes.

This position will run until filled, with cutoff dates for review with the first cutoff date April 5, 2026, followed by every Sunday until filled.

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You will find additional information about the job in the .

Special Requirements

Recruitment Process

An executive search firm will be assisting in the recruitment process for this position. Your application package will be forwarded to their team for consideration.

Minimum Qualifications

All experience and education relating to the Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. The Classification Specification is located on this Job Posting under "Minimum Requirements."

Please Note: You may need to pass an examination to establish list eligibility prior to any type of job offer. To find and take an exam, visit the CalHR’s CalCareers website .

Career Services & Outreach

Need help with your state application, resume, Statement of Qualifications, or interview preparation?

The CalPERS Career Services & Outreach (CSO) team provides comprehensive support throughout the CalPERS hiring process. Our services include one-on-one online consultations for application assistance, Statement of Qualification review, and interview preparation. To schedule an appointment and receive personalized guidance from our team, please use the following booking link: CalPERS Career Services Consultations .

Desirable Qualifications

In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:

• Ability to maintain consistent attendance.
• Ability to demonstrate punctuality, initiative, and dependability. 
• Ability to model and support CalPERS Core Values (Integrity, Accountability, Respect, Openness, Quality, and Balance).
• Ability to model CalPERS Competencies and demonstrate proficiency in: Collaboration, Leading People, Leading Change, Driving Results, Business Acumen, Communication, and Leading Self.

Benefits

CalPERS team members are eligible for a number of benefits. Health benefits and leave programs are available for most team members. Benefit eligibility may depend on length of service and collective bargaining agreements.

Some added benefits CalPERS offers include:

• Alternate Work Schedules
• Flexible Work Hours
• Onsite childcare facility
• Onsite fitness center
• Onsite café and nearby restaurants
• Free onsite parking available Mondays and Fridays, subject to change
• Free offsite parking available with shuttle service Tuesdays, Wednesdays, and Thursdays

For more details about employee benefits, visit the California Department of Human Resources website.

Additional Information

Live Scan
Candidates not currently employed at CalPERS are required to submit to a criminal history review process utilizing Live Scan fingerprinting.

CalPERS Disclosure Requirements
If employed, you may be subject to rules imposed by Personal Trading Regulations and Conflict of Interest Code that apply to CalPERS team members, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700)

Background Investigation
In addition to Live Scan, this position requires additional background screening prior to employment.

Surety Bond
Must be able to qualify for a Surety Bond.

Please do not include any confidential information on any documents in your application package. Confidential information that should be excluded or removed from these documents include, but is not limited to, your social security number, date of birth, marital status, personal photos, a copy of your driver’s license, equal employment opportunity data, examination scores, and LEAP status.

Required Application Package Documents

The following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:

• Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.
• Resume is optional. It may be included, but is not required.

Job Tags

Ongoing contract, Permanent employment, Full time, Remote work, Monday to Friday, Flexible hours

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