Calpers, the largest US pension fund with $162bn (€131bn) in assets under management, has promoted an internal candidate to the high profile role of senior investment officer for its alternative investment programme following last month's departure of Rick Hayes.

Leon Shahinian, who joined the pension fund in August 1998 and was previously Hayes' deputy, will oversee one of the world's most active private equity investment programmes with $20.3bn in commitments to 364 funds.