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(Bloomberg) — Nicole Musicco had a bold pitch: Cut out the giants of private equity and do the job yourself. Musicco, 47, this week clinched one of the biggest jobs in investing, becoming chief investment officer of the $500 billion California Public Employees' Retirement System.
Musicco, who spent more than 16 years at the Ontario Teachers' Pension Plan and a year at the Investment Management Corporation of Ontario before joining RedBird Capital Partners, will arrive in California at a pivotal moment. The fund is making dramatic changes, including stepping up investments in private markets and using borrowed money to boost performance.
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