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Chan, who has served as Calstrs’s deputy CIO since 2018, succeeds longtime investment chief Ailman, who is retiring after 25 years with the pension fund.
The move follows regulatory easing that began under the Trump administration, making it more feasible for defined-contribution plans to offer private investments.
The initiative allows 401(k) savers to access private equity, private credit, infrastructure and real estate strategies through collective investment trusts.