“I’ve found that I enjoy solving complex problems that have a meaningful impact on people’s lives,” Hoang said.
After studying political economy at U.C. Berkeley and later earning a Master of Public Policy at the Harvard Kennedy School, Hoang joined the Stanford Long-Term Investing Fellowship (SLTIF)—a yearlong program created by CalPERS and Stanford University to teach young professionals about investing at a large public pension fund. The program aims to expand the talent pool for public investors like CalPERS, attracting team members who might otherwise go to Wall Street or Big Tech.
“We saw an odd gap, in that some of the most important financial institutions in the world—public pensions, sovereign funds, endowments—don’t always show up on the radar of top graduates,” said Dr. Ashby Monk, a Stanford engineering professor and SLTIF’s director. “SLTIF was created to close this gap and put elite, young professionals inside a publicly oriented investment organization and show them that this is a purposeful, high-impact career.”
A Passion for Public Service
Hoang and three others were selected as SLTIF’s first cohort in 2024. Each year the program receives 100 to 200 applications from candidates in fields like public policy, engineering, finance, and computer science—for a handful of spots.
Fellows start at the Stanford campus with classroom instruction in August, then move to Sacramento for hands-on experience at our Investment Office, returning afterward to Stanford for a debrief.
Adil Sahdev (above, left) is an investment fellow from the first cohort with a master’s degree from the Yale School of Management. He applied to SLTIF because it provided the opportunity to pivot his career in investment management while working on behalf of CalPERS members.
“I wanted to use my finance and investing knowledge at a mission-driven organization with a clear public mandate,” said Sahdev. “At CalPERS, that means helping secure retirement outcomes for millions of members who serve California.”
Sahdev evaluated private equity and venture capital funds for potential investment deals, conducted market research, and presented his findings and recommendations on strategy to our chief investment officer.
“I learned a lot and was fortunate to have the opportunity to add value across multiple research projects, deals, and funds,” said Sahdev. He also worked on climate-related projects—work that is close to his heart.
“I am from New Delhi, India, a city known for its food, diverse culture, and warm, welcoming attitude, and unfortunately, also for its poor air quality,” he said. “There is no greater satisfaction than knowing that my efforts can positively affect people in my community.”
Hoang worked for teams in our Private Equity Program and those handling our Investment Office’s day-to-day operations.
“I feel incredibly fortunate to have experienced both perspectives,” said Hoang. “It gave me a much deeper appreciation for the many people and functions involved in managing a large public pension fund.”
Delivering for CalPERS
A second cohort of fellows arrived at CalPERS in fall 2025. Bill McGrew, who oversees SLTIF at CalPERS, said the program has benefited our fund and members.
“The collaboration with Stanford allows CalPERS to continue its mission of developing talent and exemplifies our promise to provide sustainable retirement security for members,” said McGrew. “We’ve been encouraged by its success—fellows have gained valuable experience—and the CalPERS Investment Office benefits from the innovative and experienced growth mindset of the fellows.”
Dr. Monk looks to build on that success by admitting more fellows to future cohorts, boosting its focus on technology with courses on artificial intelligence, and strengthening its alumni network.
CalPERS is already seeing a return on its investment—Hoang joined the Investment Office in November 2025 as an investment officer in our top-performing Private Equity Program.
“I think what’s daunting about this work is the responsibility that comes with investing on behalf of millions of public employees, retirees, and their dependents,” said Hoang. “But the Long-Term Investing Fellowship helped prepare me for a meaningful career with CalPERS—it was a rare opportunity to gain firsthand experience.”
Strict Admission Standards
Dr. Monk says the program looks for a variety of attributes in applicants and is open to those with non-finance backgrounds.
“We’re looking for four things in applicants: a motivation for public service, analytical horsepower, adaptability, and a diversity of background and lived experience,” he said.
But if the program’s goal is to recruit investors, why not admit candidates with just finance and investing backgrounds?
“Long-term investors need people who can work across climate, infrastructure, tech, data, and operations,” said Dr. Monk. “If we only take finance majors, we shrink the solution set. So, we deliberately welcome people from multiple backgrounds, as long as they’re smart, mission-aligned, and willing to learn investing.”
For more information on the program, visit the Stanford Long-Term Investing Fellowship website.