Michael Flaherman, Managing Director, joined the New Mountain team in January 2003. Before joining New Mountain, Mr. Flaherman most recently served as Chairman of the Investment Committee of CalPERS, the nation's largest pension system with approximately $150 billion in assets. In his capacity as chairman, Mr. Flaherman led board decision-making on all aspects of CalPERS' investment strategy, including asset allocation, as well as CalPERS' investment program in domestic and international equity and fixed income, real estate and private equity. His role also included oversight responsibility of CalPERS' investment operations, comprising 130 investment staff and nearly 300 external investment manager and consultant relationships. Mr. Flaherman is a graduate of Harvard College and has a master's degree from the Massachusetts Institute of Technology (MIT). He is a director or former director of Ikaria Holdings, Inc. and National Medical Health Card Systems.