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 — below the ~80% mark the industry reads as sound.
| 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% |
Private-market managers California PERF (CalPERS) invests with
California PERF (CalPERS)'s disclosures name funds run by the private-market managers profiled here, each matched against that manager's own filings in CalPERS private equity fund performance. This is not California PERF (CalPERS)'s full manager roster — its public-market and in-house mandates are not shown.
- TPG — 17 funds matched in CalPERS private equity fund performance
- Blackstone — 11 funds matched in CalPERS private equity fund performance
- Carlyle — 11 funds matched in CalPERS private equity fund performance
- CVC — 10 funds matched in CalPERS private equity fund performance
- Apollo Global Management — 8 funds matched in CalPERS private equity fund performance
- Insight Partners — 8 funds matched in CalPERS private equity fund performance
- Permira — 8 funds matched in CalPERS private equity fund performance
- Bain Capital — 7 funds matched in CalPERS private equity fund performance
- KKR — 7 funds matched in CalPERS private equity fund performance
- Silver Lake — 7 funds matched in CalPERS private equity fund performance
- Advent International — 6 funds matched in CalPERS private equity fund performance
- Clearlake — 6 funds matched in CalPERS private equity fund performance
- Francisco Partners — 6 funds matched in CalPERS private equity fund performance
- Bridgepoint — 5 funds matched in CalPERS private equity fund performance
- TowerBrook — 5 funds matched in CalPERS private equity fund performance
- Genstar — 4 funds matched in CalPERS private equity fund performance
- Hellman & Friedman — 4 funds matched in CalPERS private equity fund performance
- Thoma Bravo — 4 funds matched in CalPERS private equity fund performance
- EQT — 3 funds matched in CalPERS private equity fund performance
- Oaktree — 2 funds matched in CalPERS private equity fund performance
- Summit Partners — 2 funds matched in CalPERS private equity fund performance
- Centerbridge — 1 fund matched in CalPERS private equity fund performance
- General Atlantic — 1 fund matched in CalPERS private equity fund performance
- One Rock Capital — 1 fund matched in CalPERS private equity fund performance
- Vista Equity Partners — 1 fund matched in CalPERS private equity fund performance
How the money is invested (asset allocation)
California PERF (CalPERS) held 36.7% of its assets in public equities and 28.6% in fixed income (bonds) for fiscal year 2025 — the largest of 7 sleeves it reports, with the rest below:
| 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% |
Compare California PERF (CalPERS) with similar plans
The plans most worth reading California PERF (CalPERS) against — similar in size, or invested in the same managers — side by side, each with its own page for the detail:
| Plan | Assets | 1-yr return | Funded ratio | Why comparable |
|---|---|---|---|---|
| Oregon PERS | $88.6bn | 7.5% | 73.2% | Backs 17 of the same managers |
| California Teachers (CalSTRS) | $370.2bn | 8.5% | 76.7% | Backs 16 of the same managers |
| New York City (NY) Police | $56.3bn | 9.3% | 85.5% | Backs 16 of the same managers |
| University of California | $110.8bn | 12.7% | 85.4% | Same state — California |
| LA County (CA) ERS | $86.2bn | 9.7% | 82.0% | Same state — California |
| San Francisco (CA) ERS | $37.5bn | 7.9% | 96.8% | Same state — California |
Questions this page answers
How much does California PERF (CalPERS) have in assets?
California PERF (CalPERS) reported $563.0bn in total assets for fiscal year 2025, as compiled by the Public Plans Database.
What return did California PERF (CalPERS) make on its investments?
California PERF (CalPERS) reported a 11.6% one-year investment return for fiscal year 2025, and 7.1% a year over the past ten years, per the Public Plans Database.
Is California PERF (CalPERS) fully funded?
California PERF (CalPERS) was 71.3% funded for fiscal year 2025 — below the ~80% mark many treat as reasonably sound. US public plans face no federal funding minimum, and actuaries add that the trend matters more than any single line (Public Plans Database).
How is California PERF (CalPERS)'s money invested?
California PERF (CalPERS) held 36.7% of its assets in public equities and 28.6% in fixed income (bonds), its largest sleeves for fiscal year 2025 (Public Plans Database).
How have California PERF (CalPERS)'s private-equity funds performed?
California PERF (CalPERS) discloses fund-by-fund private-market returns — see them in the performance tool, each fund with its net IRR and multiple as California PERF (CalPERS) reports it.
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.