Monday, September 18, 2023

Musicco Latest to Leave CalPERS CIO Role

Yet another CalPERS Chief Investment Officer is stepping down.  Nicole Musicco leaves the end of September after eighteen months in the role.  Chief Investment Officer reported Musicco is leaving to address the needs of her family.  She is leaving an empty seat at CalPERS, one that has taken considerable time to fill in the past. 

The CIO piece provided some interesting history:

Musicco, the second woman to ever lead the investment division, took the role in March 2022, more than a year after the departure of Ben Meng, who was embroiled in controversy after he approved a $1 billion investment into a Blackstone private equity fund while personally holding $100,000 in Blackstone shares in 2021.

Musicco is a former partner at Redbird Capital Partners, a private equity underwriter.  Watch where she lands once her family situation settles down.  

Not long ago Musicco had a nice interview with Carlyle Group co-founder David Rubenstein.  He hammered the point that she could make bigger money elsewhere.  Might Carlyle or Rubenstein's family office (Declaration Partners) need someone with Musicco's skills?  

Start the music.  There are seats to fill in this version of Musicco Chairs.