Joseph Dear, who as chief investment officer of the California Public Employees’ Retirement System rebuilt the biggest U.S. public pension after a $96 billion loss, died yesterday in Sacramento. He was 62.
The cause was prostate cancer, the fund said in a statement. His illness was disclosed in June, when he handed some day-to-day investment responsibilities for the $283.9 billion fund to his second-in-command, Theodore Eliopoulos. Eliopoulos will continue as acting chief investment officer pending a search for a new CIO, according to the statement.