CalPERS’ annual review of its infrastructure and forestland programs shows the fund’s infrastructure program has outperformed its benchmark by 130 basis points annually since the program’s inception, while its forestland investments trailed the NCREIF Timberland index by 380 basis points from its inception.

Through March 31, the latest returns available, CalPERS’ infrastructure investments returned 8.1% annually from inception, 13.9% over five years, 17.6% over three years and 5.7% over the one-year time frame. In each period, returns were above the benchmark of CPI plus 400 basis points.

Annualized forestland returns of 0.6% (from inception), -1.1% (five years), -2.5% (three years) and 6.5% (one year) trailed the NCREIF Timberland index in each period.