Anton Orlich’s private-equity approach at CalPERS is being read as evidence that U.S. public pension CIOs are gaining more direct authority over investment strategy.
Delegation is driving that shift, with more decision-making moving toward CIOs rather than being dispersed across slower institutional layers.
AI is reinforcing the change by improving analysis and execution, a combination current public pension investment chiefs say will further expand the role.
That evolution could push outside consultants into a smaller role as large public funds build more internal capacity and concentrate accountability in the CIO seat.