For a decade, my job was to lead large-scale private markets programs for two of the country’s largest public pensions — first at the California Public Employees’ Retirement System (CalPERS), then for the State of New Jersey. Before that, I sat on the sell side, leading transactions that institutions like these eventually bought. I learned and did a lot during that time, with one key learning as 2025 came around: Institutions such as pensions, endowments and sovereign funds have driven private markets for almost as long as private markets have been around, and the playbook we built was never really designed with anyone else in mind.
So, I didn’t hesitate when Fidelity asked me to be one of its leaders who would stand up its private markets capabilities broadly and bui
