INVESTMENT OFFICER III, PUBLIC EMPLOYEES RETIREMENT SYSTEM

State of California; California; On-site; USD 11,000 - 13,000; Full time

Benefits offered by this job

Alternate Work Schedules

Flexible Work Hours

Onsite fitness center

Free onsite parking

Job summary

California Public Employees’ Retirement System (CalPERS) seeks an Infrastructure Investment Officer to source and underwrite investments across commingled funds, co-investments, and separate accounts. You will support the Investment Manager in portfolio oversight and market analysis.

The role requires deep knowledge of infrastructure markets, strong financial modeling, and the ability to present recommendations to Senior Management.

Qualifications

• Sourcing and underwriting investments across commingled funds, co-investments and separate accounts.
• Developing fluency in the infrastructure market and related agreements.
• Participate in portfolio reporting and strategic planning with senior management.

Responsibilities

• Occasional domestic and/or potential international travel.
• Assist Investment Manager in managing existing portfolio.

Skills

Investment underwriting

Infrastructure market knowledge

Strategic planning

Education

MBA or CFA/CAIA desirable

Advanced degree

Tools

Financial modeling

Job description

Job Posting: Infrastructure Investment Officer

Public Employees Retirement System

JC-534361

$10,681.00 - $12,738.00 per Month

Final Filing Date: 11/4/2026

Telework Information: This position is eligible for a hybrid work schedule, with up to two days of remote work and three days or more onsite, per week.

Sponsorship: This position is not eligible for visa sponsorship. Applicants must be authorized to work in the US without the need for a visa sponsorship now or in the future. CalPERS does not participate in E-Verify for employment authorization purposes.

Effective July 1, 2025, the California Department of Human Resources (CalHR) implemented the Personal Leave Program 2025 (PLP 2025). PLP 2025 directs that each employee shall receive a 3 percent reduction in pay in exchange for 5 hours of PLP 2025 leave credits per month. The salary range(s) included in the job advertisement do not reflect the 3 percent reduction in pay.

Permanent full-time employees who possess certification as a Chartered Financial Analyst may receive a monthly pay differential of 5%.

Every 12 months, based on performance evaluation, employees may receive a salary increase until they reach the maximum salary for the position.

Duties include but are not limited to:

• Sourcing and underwriting new investments across commingled funds, co-investments and separate accounts and assisting the Investment Manager in managing the existing portfolio.
• Developing and maintain fluency and knowledge of the infrastructure market, including assigned infrastructure managers, portfolios, operating and shareholder agreements.
• Participate in strategic planning and portfolio reporting projects and in making recommendations to Senior Management and Investment Committees.
• Participate in educational sessions and sector updates to develop sector investment expertise.
• Occasional domestic and/or potential international travel

Working Conditions

• Moderate amount of travel.

Minimum Requirements

You will find the Minimum Requirements in the Class Specification.

• INVESTMENT OFFICER III, PUBLIC EMPLOYEES RETIREMENT SYSTEM

Department Information

California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $651.46billion as of October 1, 2026. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation. At CalPERS, we’re committed to people – the people we serve, our team members, and the larger community around us. CalPERS is situated near the Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations, and we offer competitive benefit packages, compensation, and opportunities for advancement. Our people are deeply committed to our Mission & Vision and their decisions and actions are guided by our Investment Beliefs.

If you are interested in becoming part of a diverse and inclusive workforce where talent, experience, and expertise are valued, CalPERS invites you to apply for this employment opportunity. To find out more about our Diversity, Equity, and Inclusion efforts, visit our website!

To take a look at CalPERS as a destination employer, view this YouTube video.

Special Requirements

Minimum Qualifications

All experience and education relating to the Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. The Classification Specification is located on this Job Posting under "Minimum Requirements".

Please Note: You may need to pass an examination to establish list eligibility prior to any type of job offer. To find and take an exam, visit the CalHR’s CalCareers website.

CalPERS team members are eligible for a number of benefits. Health benefits and leave programs are available for most team members. Benefit eligibility may depend on length of service and collective bargaining agreements.

• Alternate Work Schedules
• Flexible Work Hours
• Onsite childcare facility
• Onsite fitness center
• Onsite café and nearby restaurants
• Free onsite parking available Mondays and Fridays, subject to change
• Free offsite parking available with shuttle service Tuesdays, Wednesdays, and Thursdays

Live Scan

Candidates not currently employed at CalPERS are required to submit to a criminal history review process utilizing Live Scan fingerprinting.

CalPERS Disclosure Requirements

If employed, you may be subject to rules imposed by Personal Trading Regulations and Conflict of Interest Code that apply to CalPERS team members, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700).

Surety Bond

Must be able to qualify for a Surety Bond.

Please do not include any confidential information on any documents in your application package. Confidential information that should be excluded from these documents include, but is not limited to, your social security number, date of birth, marital status, personal photos, a copy of your driver’s license, equal employment opportunity data, examination scores, and LEAP status.

Desirable Qualifications

In addition to evaluating each candidate's relative ability, as demonstrated by quality and breadth of experience, the following factors will provide the basis for competitively evaluating each candidate:

• Possession of an advanced degree, such as an MBA, or certifications such as CFA, CAIA, or other equivalent financial or accounting certification
• Experience in infrastructure or private equity due diligence and/or asset management
• Financial modeling skills and understanding of cash flows
• Strong knowledge of legal and financial aspects of investment transactions
• Ability to research, analyze, and interpret complex information
• Skilled at presenting clear recommendations to varied audiences
• Strong prioritization and deadline management
• High attention to detail and ability to work independently

Equal Opportunity Employer

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

It is an objective of the State of California to achieve a drug-free workplace. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.

Number of Positions: 1

Work Location: Hybrid

Job Type: Permanent, Full Time