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Sustainable Investments Associate Investment Manager

CalPERS • United States • Added on Sep 21, 2026
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This role centers on managing and expanding a high-impact private markets portfolio dedicated to climate solutions. You will be responsible for the full investment lifecycle, from mapping the global environment of energy transition funds to leading the technical underwriting process for complex co-investments. Beyond capital deployment, you will establish the frameworks for tracking and reporting the environmental performance of these private assets, ensuring every dollar aligns with overarching net-zero goals.

The position represents a critical lever in the global energy transition, managing a multi-billion dollar mandate at the nation’s largest public pension fund. By directing capital toward innovative climate technologies and sustainable infrastructure, you directly influence how institutional finance addresses the climate crisis while securing the long-term financial health of millions of public servants.

This suits someone who possesses deep expertise in private equity or infrastructure underwriting and is ready to apply those financial skills to large-scale decarbonization strategies within a sophisticated, mission-driven institutional environment.

Job FAQs

What are the main missions and responsibilities of this role?

The primary mission involves advancing the Sustainable Investments strategy by identifying and executing investment opportunities in climate solutions. You will support the Investment Director in the rigorous underwriting of energy transition funds and direct co-investments within private markets. Beyond transaction execution, you will be responsible for mapping the competitive environment to identify emerging sectors and evolving manager strategies. A significant portion of the role involves building accountability frameworks to measure and report on the climate exposure and performance of the portfolio.

Key learning opportunities for this job

Candidates will gain real exposure to large-scale institutional asset management and the complexities of integrating ESG metrics into private equity and infrastructure. You will work at the frontier of climate finance, learning how to quantify the impact of energy transition investments at a sovereign-scale level. Working within CalPERS provides access to global investment networks and mentorship from industry-leading investment professionals. You will also develop expertise in specialized climate reporting standards and emerging regulatory requirements for sustainable finance.

How does the ideal candidate look like (experience, skills)?

The ideal candidate brings a sophisticated background in private market investment analysis, specifically within energy transition, infrastructure, or private equity. You should possess strong quantitative skills for underwriting and a deep understanding of how climate risks and opportunities affect asset valuation. Soft skills are equally vital, as you must navigate a complex government administration environment. The candidate should be a strategic thinker capable of translating technical climate data into actionable investment recommendations for senior leadership.

Advice to stand out and make a successful application

Focus your application on your technical underwriting experience in private markets rather than just general sustainability interest. CalPERS values candidates who can prove their ability to handle the financial rigor of a major pension fund while maintaining a mission-aligned perspective. Tailor your Statement of Qualifications to demonstrate familiarity with CalPERS' Investment Beliefs and their specific 2030 Sustainable Investments Strategy. Showing you understand the fiduciary duty of a public pension fund alongside climate goals will distinguish you from other finance professionals.

What aspects of the company's sustainability is this role likely to focus on?

This role is a direct implementation arm of the $100 billion climate solutions target set for 2030. It focuses heavily on the 'E' in ESG, specifically regarding decarbonization, renewable energy infrastructure, and transition technologies. There is also a significant focus on governance and transparency. You will ensure that private market managers are held accountable to climate performance goals, bridging the gap between high-level sustainability commitments and bottom-up investment reality.

What are the main challenges someone in this role might face?

One of the main challenges is the scarcity of standardized data in private markets, which makes tracking and reporting climate solutions exposure difficult compared to public equities. You will need to be creative and persistent in gathering high-quality ESG data from fund managers. Additionally, balancing fiduciary responsibilities with ambitious climate targets in a highly scrutinized public sector environment requires careful navigation. Managing stakeholders with differing priorities regarding the pace of the energy transition will be a constant factor.

How could a typical day look like for someone in this position?

A typical day involves a mix of investment due diligence, including reviewing fund documents and financial models for potential climate investments. You might spend time meeting with external fund managers to discuss their transition strategies and portfolio alignment. Internal collaboration is also key; you will likely participate in strategy sessions with the Sustainable Investments team to refine mapping of emerging sectors like green hydrogen or carbon capture. Part of your afternoon may be spent developing reporting frameworks to visualize the portfolio's progress toward the 2030 goals.

What are the opportunities for professional growth and development in this role?

This role offers a clear path toward Investment Manager and Director levels within one of the most respected sustainable investment programs globally. The high visibility of the $100 billion climate mandate ensures that successful performers are noticed by top leadership. Given CalPERS' reputation, the experience gained here is highly transferable to other global asset managers, sovereign wealth funds, or multilateral development banks focused on climate finance and ESG integration.

The main stakeholders you might be interacting with

You will interact daily with the Investment Director and senior IMs within the Sustainable Investments program to align on portfolio strategy. You will also coordinate with colleagues across private asset classes to ensure climate goals are integrated into broader investment processes. Externally, you will be the primary point of contact for private equity and infrastructure fund managers. You may also engage with climate data providers and industry consultants to stay ahead of market developments and reporting best practices.

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