Oct. 23 (Bloomberg) — The California Public Employees’ Retirement System, the biggest U.S. pension fund, is betting as much as $1 billion that it can remake the $2.5 trillion health- care industry one startup at a time.

CalPERS is the sole investor in Health Evolution Partners, a two-year-old private-equity firm in San Francisco run by David Brailer, a first-time money manager and former aide to President George W. Bush. Brailer, 50, coordinated Bush’s planning for an electronic health-records network; Calpers is counting on him to earn its members 20 to 30 percent returns.

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