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
18
Investment Professionals
4
Managing Directors
12.4
Avg Years at CalPERS
3
Offices
Senior Leadership
SG
Stephen Gilmore
Chief Investment Officer
1
Year
NZ Super
Prior
DB
Dan Bienvenue
Managing Investment Director, Private Equity
14
Years
PE
Focus
MD
Mike DiGioia
Managing Investment Director, Real Estate
18
Years
RE
Focus
TL
Todd Lapierre
Managing Investment Director, Infrastructure
11
Years
Infra
Focus
Investment Team Export list
Name Title Strategy Focus Tenure Education
SN
Simiso Nzima
 Investment Director Global Equity 16 yrs Wharton MBA
AR
Anton Rozenberg
 Investment Director Private Equity 12 yrs Stanford MBA
JC
Jennifer Chang
 Senior Portfolio Manager Real Estate 9 yrs Berkeley MBA
MK
Michael Kim
 Senior Portfolio Manager Infrastructure 8 yrs UCLA MBA
RJ
Rachel Johnson
 Portfolio Manager Private Credit 6 yrs Columbia MBA
DM
David Martinez
 Portfolio Manager Private Equity 5 yrs HBS MBA
SW
Sarah Williams
 Portfolio Manager Real Estate 4 yrs NYU Stern MBA
TN
Thomas Nguyen
 Associate Portfolio Manager Infrastructure 3 yrs Chicago Booth MBA
EP
Emily Park
 Associate Portfolio Manager Private Credit 2 yrs Kellogg MBA
JL
James Lee
 Investment Analyst Private Equity 2 yrs USC Marshall MBA