C
CalPERS
Pension fund · Founded 1932 · Sacramento, United States
Retirement and health security for state, school, and public agency members who invest their lifework in public service
Who CalPERS is.
Where the institution came from, whose capital it manages, and how that capital is allocated — from Dealroom's LP research.
Historical Background
- The California Public Employees' Retirement System (CalPERS) was established in 1932, originally named the State Employees' Retirement System (SERS).
- In 1939, the system expanded its mandate to include employees from participating counties, cities, and school districts. The organization officially changed its name to CalPERS in 1992 to better reflect its broader membership.
Source of Capital
- CalPERS manages the retirement and health benefits for more than 2 million public employees, retirees, and their families in California.
- As the largest public pension fund in the United States, its capital is derived from contributions made by these members and their employers, as well as from investment returns.
Major Events
- In 2014, the fund's total market value exceeded $300 billion for the first time.
- The board adopted a formal set of "Investment Beliefs" in 2013 to provide a guiding framework for its investment strategy.
Allocation Strategy
- The fund invests across a diversified range of asset classes, including public equity, fixed income, real assets, private equity, and private debt.
- CalPERS reviews its strategic asset allocation mix in a formal process every four years, with interim adjustments made as needed to manage risk and liquidity.
- As part of a recent strategic shift, the allocation to private equity was increased from 8% to 13%, and a new 5% allocation was created for private debt, reflecting a greater focus on private market investments.
The funds CalPERS backs.
CalPERS is a limited partner in 576 funds. 68 of them place in the Power Law Investor Ranking, and the best-ranked are shown here.
How CalPERS’s fund book is spread.
The 576 funds CalPERS backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters, across the 568 of 576 with a location on record.
- North America 43977%
- Europe 7213%
- Rest of world 5710%
United States 428 · United Kingdom 38 · China 12 · Canada 11
How established those managers are
Managers grouped by how many funds they have raised. 118 emerging (three funds or fewer), 185 established — across the 303 of 576 with a fund history on record.
CalPERS’s biggest current holdings.
An estimate of CalPERS’s largest live positions — disclosed shareholding × Dealroom’s latest valuation — across 1 companies where CalPERS is a named shareholder, worth about $245M in estimated equity value.
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1
Zepto
3.5%
$7.0B
$245M
Estimated value = CalPERS’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. See the underlying cap tables on Dealroom →
The companies CalPERS backs directly.
CalPERS holds 5 companies directly, separate from the funds it commits to as a limited partner. The 4 largest by total funding are shown.
How those direct holdings break down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.
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USA4
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India1
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Enterprise Software1
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Fintech1
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Food1
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Health1
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Series B+4
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Series A1
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Breakout Stage3
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Late Growth2
Other LPs.
Other pension funds in the Power Law LP ranking, closest to CalPERS by combined power-law score — North America first, then the nearest worldwide.
Key people at CalPERS.
