Q&A with Caroline Green, Private Equity Co-Investment Lead at CalPERS

Caroline Green leads private equity co-investments at the California Public Employees’ Retirement System (CalPERS), a government agency that builds retirement and health security for more than two million California citizens. Caroline worked at Goldman Sachs from 2010 to 2018 in the firm’s Asset Management Division in San Francisco, New York, and Tampa.

1. How did you start your career at Goldman Sachs, and what was your career path during your time here?
Caroline: I joined the Fundamental Equity, US Growth team as an MBA summer intern out of Wharton. Over that summer, I evaluated a sub-sector and recommended one stock that ultimately made it into our portfolios. The senior people on the team were very thoughtful, generous with their time, willing to coach me, and supportive in general, and I loved working with them. Upon graduation, I joined full time and worked my way up from Associate, to Vice President, to Sector Portfolio Manager.

2. How did the firm prepare you for your next professional endeavor?
Caroline: I can’t overemphasize how formative my years at Goldman were to me from a professional standpoint. I built and honed hard skills including research, analysis, and business judgment. I mastered how to articulate and advance an argument, and I learned something about how to persuade others. I had the opportunity to interact with many impressive, senior people including public company CEOs and CFOs and that experience helped dispel the intimidation factor that can sometimes be a challenge.

3. How has your perspectives on growth equity and venture capital businesses changed from when you were at GS?
Caroline: I had only a surface knowledge of these areas while at Goldman. I was completely immersed in the public markets at that time. What’s been so interesting along my career journey has been to augment my knowledge of and experience in the public markets with newer learnings in private market segments including buyout, growth equity, and venture capital.

4. Congratulations on being chosen as a speaker for the upcoming Women’s Venture Capital Summit for the second year and recently being featured in the Wall Street Journal’s Women to Watch in Private Equity. What advice do you have for other women in the industry?
Caroline: I learned about imposter syndrome from Lean In, and it was something I recognized in myself earlier in my career. While I struggle with it less today, I still notice that my natural posture is to show more deference to others than I observe some others show to me. If any of these reflections resonate with you, I encourage you to practice speaking up, being assertive in discussion and debate, and gracefully handling pushback until it is second nature.

5. How have you leveraged your GS network since leaving the firm?
Caroline: I keep in regular touch with a handful of people I worked with at Goldman. These are very valuable relationships because there is a lot of history and deep trust. I discuss potential career moves with these folks and seek their advice. I consider them both trusted advisors and friends.

6. What was one thing you learned at Goldman Sachs that you will always carry with you?
Caroline: At Goldman, I learned through repetition how to give a verbal presentation, with or without materials, to lay out an argument and then to take questions. It’s one of the foundational skills in my business toolkit. I think a lot about how grateful I am for all the practice I had at Goldman. Today I use this skill on a daily basis.