California Public Employees' Retirement System

California's largest public pension fund has made a $600 million commitment to Brookfield's latest infrastructure vehicle, marking its continued focus on energy transition assets and sustainable infrastructure investments.

The CalPERS board has approved an increase to its alternatives allocation ceiling from 33% to 35%, reflecting confidence in private markets performance and a strategic shift toward greater diversification.

CalPERS has committed $450 million to Blackstone Real Estate Partners XI, targeting opportunistic real estate investments with a focus on US logistics and multifamily assets.

CalPERS has named Stephen Gilmore, former CIO of New Zealand Super Fund, as its new Chief Investment Officer. Gilmore is expected to focus on a total portfolio approach and cost efficiency.

The California Public Employees' Retirement System reported an 11.4% return for fiscal year 2025, beating its benchmark and bringing assets under management to over $500 billion for the first time.

CalPERS has announced enhanced climate risk assessment requirements for all new private equity commitments, requiring GPs to provide detailed carbon transition plans and TCFD-aligned disclosures.

CalPERS has launched an expanded direct co-investment program targeting 15-20% of new private equity commitments, aiming to reduce overall fee drag and increase exposure to high-conviction opportunities.

CalPERS has made a $350 million commitment to Vista Equity Partners Fund VIII, continuing its long-standing relationship with the enterprise software-focused private equity firm.

CalPERS has promoted Deputy CIO Sarah Chen to the newly created role of Head of Private Markets, overseeing all private equity, real estate, infrastructure, and private credit investments.

CalPERS' private equity portfolio delivered a 14.8% return in calendar year 2024, outperforming public equities and supporting the pension fund's continued allocation to the asset class.