The California Public Employees' Retirement System (Calpers), the world's largest pension fund, has named Richard Hayes as senior investment officer for its private equity investments.

Hayes, who took up his new position on July 1, will be responsible for managing some $20bn (€23.6bn) in funds that Calpers has committed to private equity. His appointment also comes at a time when the pension fund is increasing its focus on alternative investments due to the sector's historically favourable returns.