(Bloomberg) -- The news landed just after 9 p.m. U.S. Pacific time: the investment chief at California’s massive state pension fund was abruptly stepping down. Before dawn the next day, Sacramento was abuzz -- and a sense of crisis was descending over the mighty California Public Employees’ Retirement System. Wednesday night’s shock departure of Ben Meng reverberated through the state capital and then across Wall Street on Thursday, where the $400 billion Calpers is a powerful player in everything from the stock market to private equity. Meng, in an interview, said he’d left to focus on his health and family.