By Dan Primack
February 16, 2011

When it rains, it pours.

Earlier today we reported that Joncarlo Mark had resigned as a senior portfolio manager with California Public Employees’ Retirement System (CalPERS), where he had worked on alternative investments for the past 11 years. Now we’ve learned that a second senior portfolio manager for alternative investments also has given notice.

This time it’s Mike Dutton, who joined CalPERS in 2006 to focus on leveraged buyout funds and the system’s healthcare investment initiative. He previously had spent eight years with The Carlyle Group, including time as chief financial officer for European operations.

CalPERS spokesman Brad Pacheco confirmed Dutton’s pending departure, adding that CalPERS hopes to have a new senior investment officer for alternatives hired “in the next month” (it’s been without one since last summer, when Leon Shahinian left after being named — albeit not charged — in a fraud investigation). The new SEO then would “have input in the replacements for Mark and Dutton.”

Mark and Dutton were two of three senior portfolio managers for alternative investments. The third, Sarah Corrs, is not believed to be in the running for SEO.

In other CalPERS news, the system today acknowledged that the bribery scandal that felled Shahinian is now the subject of a federal criminal inquiry. Previously, it simply had been a state-level civil matter. And, just to be complete, CalPERS held its monthly Investment Committee meeting yesterday. Below is an update on its Alternative Investments Program, which has a market value in excess of $31 billion:

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