Private Debt Associate Investment Manager

California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $590.32 billion as of March 27, 2026. Headquartered in downtown Sacramento, CalPERS is a destination employer with an international reputation for leadership and innovation.

About the role

The Private Debt (PD) Asset Class is seeking an Associate Investment Manager (AIM) to assist in managing the CalPERS Private Debt Portfolio and Enhanced Return Portfolio. This role involves actively contributing to strategy implementation as a member of deal teams and project teams, while demonstrating CalPERS’ Core Values of Quality, Respect, Integrity, Openness, Accountability, and Balance.

Responsibilities

• Evaluate and underwrite investments.
• Conduct due diligence, perform analyses, identify risk factors, negotiate terms and conditions, and review contractual documentation.
• Use market-leading sources of investment information, technology systems, platforms, quantitative tools, and programming languages.
• Lead and conduct market research and in-depth analyses on private debt industry trends and opportunities.

Qualifications

All experience and education relating to the Minimum Qualifications listed on the Classification Specification must be included in your application package to demonstrate eligibility. You may need to pass an examination to establish list eligibility prior to any job offer.

Pay

$10,937.50 - $18,229.17 per month.

This position is eligible for annual and long-term incentive awards. The annual incentive opportunity is 0-60% of salary, based on achievement against quantitative and qualitative measures. The long-term incentive program provides an additional 0-60% of base salary beginning after five years, contingent on absolute total fund returns meeting or exceeding board-approved thresholds.

Schedule

Permanent, full-time position. Hybrid work schedule with up to two days of remote work and three or more days onsite per week.

Benefits

CalPERS offers competitive benefit packages, compensation, and opportunities for advancement. The organization is committed to diversity, equity, and inclusion, and provides comprehensive support throughout the hiring process.

Work Location

Sacramento County, California.

CalPERS does not participate in E-verify for employment authorization purposes.