CalPERS returned a net 12.46% on its investments in 2010, while CalSTRS returned a net 12.7%.
The return for the $226.6 billion California Public Employees' Retirement System, Sacramento, was just under its policy benchmark of 13.2%, according to Clark McKinley, spokesman.
The $140.1 billion California State Teachers' Retirement System, West Sacramento, outperformed its benchmark by 24 basis points, the system announced in a news release.
For CalPERS, private equity, with a 21.5% internal rate of return, was the system's best-performing asset class for the year, followed by global equity at 14.6% and global fixed income, 11.6%.
Inflation-linked assets which include infrastructure, forestland, commodities and inflation-linked bonds, had an IRR of 7.8%, while real estate lost 5%. Private equity, real estate and inflation-linked returns lag by one quarter, Mr. McKinley wrote in an e-mailed response to questions.
CalSTRS' top-performing asset class was U.S. equity at 17.2%, followed by private equity at 16.9%; non-U.S. equity, 12.8%; fixed income, 8%; and real estate at 0.01%. Private equity and real estate returns lag one quarter, Ricardo Duran, CalSTRS spokesman, wrote in his e-mailed response to questions.