California PERF (CalPERS) — assets, returns and funding
Pensions: all tracked plans · Australian super in numbers · Private market performance · the PE statistics · what plans disclose · where they diverge
California PERF (CalPERS) (California) reported $563.0bn of assets for fiscal year 2025, a one-year investment return of 11.6%, and was 71.3% funded — meaning the assets on hand covered that share of the benefits it has promised.
| Total assets (FY 2025) | $563.0bn |
| 1-year return | 11.6% |
| 5-year return (annualised) | 8.0% |
| 10-year return (annualised) | 7.1% |
| Funded ratio (GASB) | 71.3% |
Fresher, from the plan itself
The audited figures above stop at fiscal year 2025 — but the plan publishes its own monthly snapshot, months ahead of the database:
| Total fund value (as of June 30, 2026) | $635.4bn |
| Private equity sleeve | $130.2bn |
How the money is invested (asset allocation)
Share of total assets by sleeve, as the plan reported it for FY 2025 — sleeves the plan does not report are omitted:
| Public equities | 36.7% |
| Fixed income (bonds) | 28.6% |
| Private equity | 20.3% |
| Real estate | 12.3% |
| Cash | 2.0% |
| Hedge funds | 0.1% |
| Other assets | 0.1% |
See also: all tracked plans · how the private-equity funds these plans invest in have actually performed, from the plans' own disclosures: private market performance, and where plans' numbers diverge on the same fund.