CalPERS' Alternative Investment Management Program produced a 9.5% annualized return, or more than $4.5 billion, since its 1990 inception. So far, $6.5 billion of the $15.5 billion assigned to alternatives is invested. Some 5% of the $147 billion system's total assets are in alternatives; the target is 7%. Staff at the California Public Employees' Retirement System, Sacramento, expect to invest another $1 billion to $1.5 billion by the end of this year. The information was presented to CalPERS' investment committee this week.