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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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
Fund Commitments Export all
GP / Fund Strategy Vintage Commitment Unfunded Status
BX
Blackstone
BCP IX
 Private Equity 2024 $750M $562M Active
KKR
KKR
Global Infrastructure V
 Infrastructure 2024 $500M $425M Active
APO
Apollo
Fund X
 Private Equity 2023 $600M $312M Active
BFD
Brookfield
Real Estate Fund IV
 Real Estate 2023 $400M $180M Active
TB
Thoma Bravo
Fund XV
 Private Equity 2022 $450M $90M Harvesting
CG
Carlyle
Credit Opportunities III
 Private Credit 2023 $350M $245M Active
TPG
TPG
Rise Fund III
 Private Equity 2022 $300M $75M Harvesting
GLP
GLP Capital
US Income Partners V
 Real Estate 2021 $275M $0 Realized
EQT
EQT Partners
Infrastructure VI
 Infrastructure 2024 $325M $293M Active
ARS
Ares Management
Senior Direct Lending IV
 Private Credit 2024 $400M $360M Active