The recruitment comes with a strategic decision to nearly double its private markets exposure to 13% from the current 8% target allocation. This is an attempt to hedge inflation risks, the pension fund confirmed, bringing its private equity portfolio to ($57.5bn) £47bn. In total, CalPERS has allocated a third of its portfolio to private assets.
In his new role, which starts in April, Booth will work alongside chief investment officer Nicole Musicco and CalPERS’ investment directors to lead investment decision-making in private equity, real assets and private debt.
“I’m thrilled to have Daniel further CalPERS’ expansion into the private markets,” Musicco said. “He’s a visionary investor who’s consistently been able to identify key market trends and has delivered top-tier results.
“His strategic thinking and thought leadership, which have contributed to his global success, is what we need to ensure the long-term sustainability of our fund,” she added.
Booth will join CalPERS from the United Kingdom Infrastructure Bank in Leeds, where, as a senior adviser, he helped establish its investment and equity investment platforms.
UK investors might know him from his previous role as chief investment officer of Border to Coast, where he set up the investment activities the LGPS pools’ 11 underlying local government pension schemes.
Prior to this, he worked as chief investment officer of portfolio management and head of alternatives for Saudi Aramco in Saudi Arabia, and as an alternatives investment director for Prime Capital and FERI in Germany.
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