CalPERS reported an 11.3% gain for its private equity holdings during fiscal year 2023-24, earning national recognition for its strong performance.
Both The Wall Street Journal and Private Equity International ranked CalPERS No.1 among the nation’s 30 largest pension funds for 1-year and 3-year private equity returns. For private equity performance during the same periods, CalPERS also ranked tops among all major California public pension funds.
Private equity is one of five asset classes found in the CalPERS investment portfolio, officially known as the Public Employees’ Retirement Fund (PERF). The fund also includes public equity, fixed income, real assets, and private debt.
At its annual conference in Monterey next week, CalPERS is scheduled to announce preliminary PERF returns for fiscal year 2024-25. In May of this year, private equity represented 17.9% of CalPERS’ total portfolio.
Private equity gains have occurred during a period of high overall performance for the CalPERS portfolio.
In June of 2021, CalPERS reported the PERF’s value at $477 billion—a record-high at the time. The fund stood at $302.8 billion at the close of fiscal year 2014-15. Overall, the PERF increased approximately 67% in value from 2015 to 2024.
“CSR members want to know their retirement system doesn’t just work hard—it works smart,” said CSR President Joe Reynoso. “These results reflect an investment approach rooted in discipline and stewardship. Pension security and long-term strategy go hand in hand, and we appreciate CalPERS’ commitment to both.”