Hayes will manage the fund?s diversified portfolio of private equity investments, which total about $20 billion in committed capital, of which $9 billion has been invested. Hayes will report to the System’s Chief Investment Officer, Daniel Szente.
Hayes replaces Barry Gonder, who will become a general partner with Grove Street Advisors, according to a CalPERS spokesperson. Gonder, who joined CalPERS in 1996, helped select Grove Street Advisors in 1998 to manage CalPERS’ California Emerging Ventures Program.
Hayes has worked at CalPERS since May 1998 on many new private equity initiatives, including the group?s relationship with:
- Thomas Weisel Partners
- The Carlyle Group
- Texas Pacific Group, and
- CalPERS Biotechnology, Corporate Partners and California Initiatives Programs
He has a Bachelors degree in Economics from Stanford University and MBA from Harvard Business School, and was recently elected Chairman of the Institutional Limited Partners Association, a trade association for private equity investors.
See Also A Conversation with CalSTRS CIO Christopher Ailman, as well as PART 2 ,
And Editor-in-Chief Charlie Ruffel’s interview with CalPERS’ Mark Anson on Asset Allocation.