CalPERS returned 4.4% on its investments for the 12 months ended Feb. 29, according to the agenda for the $239.1 billion retirement system's April 16 investment committee meeting.
Investment returns for February alone were 2.8%, a report in the agenda said.
For the three-year period ended Feb 29, total investments returns were an annualized 14.1%, according to the report by Joseph Dear, chief investment officer of the California Public Employees' Retirement System, Sacramento.
Brad Pacheco, a spokesman for the retirement system, said Mr. Dear will formally present the report to the investment committee at the April 16 meeting.
Best-performing asset classes for the 12 months ended Feb. 29 included fixed income, which returned 9.8% for the period and real estate, 4.1%. The worst-performing asset classes were private equity, -2.3%; public equities returned -2.1%; and absolute-return, -1.5%.
Separately, the retirement system is seeking to sell about $1.5 billion in private equity fund stakes as it restructures investments in alternative assets, three people with knowledge of the matter told Bloomberg News.
The sale process, which is scheduled to start this week, will be managed by UBS, the people said, asking not to be named because the information is private. The assets for sale include a mix of mostly venture capital and buyout funds raised since 2000, two of the people said.
CalPERS seeks to “rebalance and restructure” its alternative investments this year and next “by adjusting vintage year, geographic and general partner concentration,” according to a February presentation.
