CalPERS reported its private equity portfolio had a one-year net return of 8.9% in fiscal year 2015, trailing its benchmark (67% FTSE U.S. TMI + 33% FTSE All World ex-U.S. TMI plus 3%) by 221 basis points.
The fund's growth expansion portfolio, which represents $4.9 billion of its $28.9 billion private equity pool, had the highest one-year return at 14.4%. Its buyout portfolio (the largest portion at $16.9 billion) had the second-highest return at 8.9%.
Venture capital returned 8.4%, credit-related PE investments returned 6.9% and the opportunistic portfolio returned 1.9%.
Three-, five- and 10-year annualized net returns for CalPERS' private equity program were 14.1%, 14.4% and 11.9%, respectively.