Bringing a Total Portfolio Mindset to CalPERS

How does one of the world’s largest pension funds shift its culture, governance, and investment process at scale? David Weisburd speaks with Nicole about her transition from Ontario Teachers’ Pension Plan to serving as CIO of CalPERS, implementing a total portfolio approach, and leading organizational change during a period of market and operational disruption. Nicole shares lessons on governance, board alignment, co-investing, and building long-term investment institutions.

Highlights:

• Transitioning from Canadian pension governance to leading CalPERS
• Implementing a total portfolio mindset within a large, complex organization
• Why culture and governance matter more than asset allocation labels
• Breaking down silos across asset classes and investment teams
• Aligning incentives, compensation, and accountability
• Building trust and transparency with pension boards
• The role of co-investing in improving net returns
• Lessons from managing private markets at scale
• Moving from institutional allocator to founding a private credit firm

Guest Bio:

Nicole is the Founder and Managing Partner of Square9 Capital and previously served as Chief Investment Officer of CalPERS, where she oversaw one of the largest pension portfolios globally. Earlier in her career, she spent nearly two decades at Ontario Teachers’ Pension Plan and also worked as a GP in private markets. Nicole has extensive experience across public and private investments, pension governance, and portfolio construction, with a career focused on long-term capital stewardship and mission-driven investing.

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Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

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Stay Connected with Nicole T Musicco:

LinkedIn: https://www.linkedin.com/in/nicole-t-musicco-293620101/

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (1:19) Total portfolio approach and cultural changes at CalPERS (12:08) Building trust and governance at CalPERS (15:44) Co-investment strategies and GP partnerships (19:39) Energy transition, diversity, and structural alpha (23:25) Capital deployment challenges and credit strategies (24:45) Launching Square Nine Capital (29:45) Allocator and GP dynamics (32:26) Challenges of starting a new investment firm (37:24) Empathy in investment and leadership (40:33) Nicole Musicco's legacy and closing thoughts (42:20) Closing remarks