Calpers CIO’s Vision Failed to Win Over Staff Before Exit (1)

In her first year atop the California Public Employees’ Retirement System as chief investment officer, Nicole Musicco gathered dozens of staff and laid out an ambitious vision for the largest US public pension fund.

She desired innovation, she told the audience at its Sacramento headquarters. She wanted “stadium deals” and identified professional sports as a frontier for more investing.

During her tenure the fund explored buying a stake in its hometown basketball team, the Sacramento Kings, said people familiar with the matter. Calpers also invited Tony Ressler, the billionaire Ares Management co-founder who owns the Atlanta Hawks, to ...