Reviewed by hand · Published dailyAllocator CareersUpdated Jul 4, 2026
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Pension2

California Public Employees’ Retirement System

public defined benefit pension plan2 — Sacramento, California2.

Overview

CalPERS administers retirement and health benefits for California public employees and manages one of the largest public pension investment portfolios in the United States.1

The Public Employees’ Retirement Fund supports retirement benefits for California public employees, retirees, and beneficiaries.1

Investment program

Estimated AUM
$556.2B as of Jun 30, 20253
Capital pool
public defined benefit pension plan2
Investment model
Large internal investment office with external manager relationships across public and private markets.1
Investment approach
Our goal is to manage the CalPERS investment portfolio in an efficient and sustainable manner to generate risk-adjusted returns to pay benefits now and into the future.2
Spending support
Not listed yet
Spending policy
Not listed yet
Asset allocation
Public evidence references these asset classes or allocation areas: private equity, venture capital, real estate, infrastructure, public markets, fixed income.2
Performance
Preliminary fiscal 2024-25 investment return reported at 11.6%.1
Governance
Investment program is overseen through CalPERS governance and investment policies.1
Investment team
“Despite some market headwinds earlier in the year, our investment strategy paid off,” said Chief Investment Officer Stephen Gilmore.2
Unfunded commitments
Not listed yet
Source freshness
Last verified Jul 4, 2026 · Verified

Sources

Last verified Jul 4, 2026 from public career and organization materials.

Fact notes

  1. Website (calpers.ca.gov)Parent organization overview, Pool purpose, Investment model, Investment performance, Governance, Investment office page · checked Jul 3, 2026
  2. Website (calpers.ca.gov)Institution type, Capital pool, Headquarters, Investment approach, Asset allocation, Investment team · checked Jul 3, 2026
  3. Website (calpers.ca.gov)Estimated AUM · checked Jul 3, 2026

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California Public Employees’ Retirement System | Allocator Careers