Joseph Dear, chief investment officer of the California Public Employees’ Retirement System (Calpers), has passed away.

Dear had been fighting prostate cancer and had recently taken leave from running the pension fund’s investment office.



Calpers said in a statement: “Words cannot express the loss that the Calpers family feels at this time. Joe was an invaluable member of the Calpers executive team, an incredible leader of the Investment Office and a good friend to all those who knew and worked closely with him.

"We will miss Joe, his passion for excellence in performance and his sharp wit and humour. Our heartfelt thoughts go out to Joe’s wife, Anne Sheehan, and his children, Annie and Ben.”

He joined the pension fund in 2009 during the financial crisis which led to Calpers losing a fourth of its assets. Dear led the biggest US public pension fund to regain all its financial losses and reach more than $283bn in assets.

Ted Eliopoulous will continue as acting CIO until Calpers’ board of administration makes any announcements about a search for a news CIO.

Christopher Ailman, CIO of the California State Teachers’ Retirement System’s (Calstrs), said: “It is with a very heavy heart that I sadly share the news of Joe Dear's passing. Our thoughts go out to his family.

“I have worked with the last five Calpers CIOs and, in my view, Joe was the best of them.  He and his wife, Anne Sheehan, Director of Corporate Governance at CalSTRS, have been happily married for the past year and it has been very special to see them together. My heart breaks for her.”

Ailman said he developed a close friendship with Dear when he came to California.

“Joe led by example and held numerous important positions at the State of Washington and with the federal government.”

Details on services are pending. There will be services in Sacramento, CA, and Olympia, WA. In lieu of flowers, the family asks that donations be directed to the Joseph A. Dear Memorial Scholarship Endowment at The Evergreen State College Foundation.