A senior investment director at the California State Teachers’ Retirement System has left the $374.3 billion pension to join the larger state plan’s public market assets team.

The $556.2 billion California Public Employees’ Retirement System has named June Kim as deputy chief investment officer for the plan’s $383.4 billion public markets portfolio. She will join the team in December, reporting to CIO Stephen Gilmore. Kim succeeds Dan Bienvenue, who left in April to join private equity firm General Atlantic.

"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,” Gilmore said, adding that “CalPERS will benefit from June’s knowledge of global public markets, her understanding of long-term horizons, and her experience in managing high-performing teams.”

CalPERS is currently looking to adopt the total portfolio approach, with Gilmore formally recommending in September the state plan adopt TPA. The recommended approach proposes a 75-25 equity-bond benchmark with a 400-basis-point active risk limit and an unchanged discount rate. A vote is expected in November.

CEO Marcie Frost added that Kim “brings a proven track record of success in both the public and private sectors, and … a wealth of investing knowledge to help CalPERS fulfill its mission to deliver retirement security to our members.”

Kim said in the release she was “honored to join the team at CalPERS and continue the important work of providing a strong and secure retirement for those who have served California.”

At CalSTRS, Kim oversaw asset allocation, balance sheet management and investment risk across the fund. Prior to that, she was the investment director of global equity at CalSTRS for 10 years.

Before CalSTRS, Kim was head of equities for the Los Angeles County Employees Retirement Association. She also worked as an investment officer for the City of Los Angeles. Before joining the public sector, Kim worked at Northern Trust Global Investments, Citibank, Barclays Global Investors, and Wilshire Associates.

CalPERS reported a preliminary net return of 11.6 percent for the fiscal year ending June 30, surpassing its benchmark by 1.7 percent and boosting its funded status to 79 percent. The gain was driven by a boost in public equities (16.8 percent), private equity (14.3 percent), and private debt (12.8 percent).

These results offset poor FY25 performances in real assets (2.7%) and fixed income (6.5 percent). Preliminary data shows CalPERS returned an annualized 8 percent, 7.1 percent, and 6.7 percent for the five-, 10-, and 20-years ending June 30, respectively.