Marcie Frost

Marcie Frost became CEO of CalPERS in 2016, overseeing the largest public pension fund in the US with over $480 billion in assets serving 2 million members. Under her leadership, CalPERS has navigated major investment strategy debates including the role of hedge funds (partly exited), private equity expansion, ESG policy (including climate change and social factors), and managing the pension fund's long-term liability gap. CalPERS is one of the most influential institutional investors globally, and its investment decisions shape how the broader public pension community operates. Frost has also focused on increasing CalPERS' private equity allocation as a key lever for closing the funded status gap, negotiating fee arrangements with private equity managers and exploring direct co-investment strategies to reduce costs while maintaining access to top-performing funds.