The $556.2B California Public Employees’ Retirement System (CalPERS) has named June Kim as its new deputy chief investment officer for public markets, effective Dec. 1, 2025.
Kim joins CalPERS from the $374.3B California State Teachers’ Retirement System (CalSTRS), where she spent more than 11 years. During her tenure at CalSTRS, she served as interim co-deputy chief investment officer, then as investment director of global equities, and most recently, as senior investment director of total fund management starting in July 2024.
In her senior investment director role at CalSTRS, Kim oversaw asset allocation, balance sheet management, and investment risk across the fund. She also advised CIO Scott Chan on portfolio management strategies and decisions, while making tactical and strategic investment recommendations, including as CalSTRS’ began transitioning to a total fund approach in recent months.
“June brings a proven track record of success in both the public and private sectors, and we are thrilled to welcome her to the CalPERS team,” said Marcie Frost, CalPERS’ CEO, in a news release. “We look forward to June’s leadership and insight as she brings a wealth of investing knowledge to help CalPERS fulfill its mission of delivering retirement security to our members.”
At CalPERS, Kim will report to CIO Stephen Gilmore and work closely with the fund’s managing investment directors to guide portfolio decision-making. She’ll be taking on the DCIO role roughly six months after Dan Bienvenue, left the role to join private equity firm General Atlantic as managing director.
CalPERS is also planning a transition to a total fund approach, with the board expected to vote on the measure in November. If approved, full implementation is projected for July 2026.
“We searched the globe for the right mix of experience and leadership and found the best person for the job right in our own backyard,” said Gilmore, in the news release. “CalPERS will benefit from June’s expertise in global public markets, her understanding of long-term investment horizons, and her experience managing high-performing teams.”
Before her tenure at CalSTRS, Kim served as principal investment officer for equities at the $85B Los Angeles County Employees Retirement Association for seven years and as an investment officer at the City of Los Angeles from 2005 to 2007. Earlier in her career, she held senior roles at Northern Trust Asset Management, Deutsche Asset Management Group Ltd., Citi, and Barclays Global Investors.
