CP
PUBLIC PENSION $502B AUM California

California Public Employees' Retirement System

Sacramento, CA | Founded 1932 | 2.1M members | Largest US public pension

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Excel (.xlsx) PDF Report JSON
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Total AUM
$502B
As of Dec 2025
GP Relationships
289
Across all strategies
Annual Pace
$18.4B
2025 commitments
Unfunded
$68.5B
Dry powder
Avg Decision
4-6mo
IC to close
Overview Allocation Commitments 312 GP Relationships 142 Team 18 Documents 24 News 38
Current Allocation by Strategy
$65.3B
Private Equity
$42.2B
Real Estate
$38.2B
Infrastructure
$17.1B
Private Credit
$0
Hedge Funds
$339.4B
Public Equity
Alternatives Allocation
Total alternatives exposure vs. board-approved target
32.4%current
13.0%
8.4%
7.6%
3.4%
+$13.1B
35% target
Private Equity $65.3B
Real Estate $42.2B
Infrastructure $38.2B
Private Credit $17.1B
Remaining Capacity $13.1B
Strategy Allocation Breakdown Export table
Strategy Target % Actual % Delta Status
Private Equity 13.0% 13.0% 0.0% At Target
Real Estate 10.0% 8.4% -1.6% Under
Infrastructure 8.0% 7.6% -0.4% Under
Private Credit 4.0% 3.4% -0.6% Under
Hedge Funds 0.0% 0.0% 0.0% At Target
Public Equity 65.0% 67.6% +2.6% Over
Alternatives Allocation Over Time
Time series chart: 2015-2025 allocation trend showing gradual increase from 25% to 35% target