<!-- Swiftype Variables -->

Pension Funds

CalPERS returns 8.6% for fiscal year, slightly below its benchmark

CalPERS reported a net return of 8.6% for the year ended June 30, underperforming its benchmark by 6 basis points, according to preliminary fiscal-year returns released Thursday.

The pension also reported annualized returns for multiyear periods ended June 30: 8.1% for five years, 5.6% for 10 years and 6.1% for 20 years.

The preliminary returns brings the $354.7 billion Sacramento-based California Public Employees' Retirement System's estimated funded status to 71% from 68% a year earlier.

Infrastructure was the best-performing asset class with a 20.6% net return, besting its benchmark by 1,416 basis points, the largest outperformance of any asset class.

Private equity had the next highest net return of 16.1%, which nevertheless underperformed its benchmark for the 12-month period by 250 basis points and missing its benchmark by the widest margin of any other asset class. Real assets, which includes infrastructure, earned 8%, topping its benchmark by 119 basis points. Rounding out the one-year asset class net returns are fixed income at 0.4%, outperforming its benchmark by 38 basis points; inflation assets, 9.3%, a 37-basis-point outperformance; and the liquidity portfolio at 1.7%, topping its benchmark by 37 basis points.