The $292.6 billion California Public Employees' Retirement System, Sacramento, had $27.8 billion invested with California entities, an 8.2% increase from 12 months earlier, a CalPERS report shows.
The report, “CalPERS for California 2015,” said the investments were made up of stock or debt issues in California-based companies or California-focused private equity and real asset funds as of June 30, 2015.
The report will be formally presented to the pension fund's investment committee at its meeting June 13 and is part of CalPERS' efforts to show state lawmakers that it is an important contributor to the state economy.
State lawmakers on a regular basis over the years have pushed CalPERS to invest more of its assets in California.
The report says 9.2% of the retirement system's assets at the end of the 2015 fiscal year were invested in California, up from 8.5% a year earlier.
The report does not specify investment performance for the California initiative outside of private equity.
Under that asset class, the $480 million committed in phase one in funds in 2001 has had a net internal rate of return of 13% as of Sept. 30, 2015, while $560 million committed in phase two in 2006 had had a net IRR of 8.3%, the report said.
The report found that public equities amounted to $14 billion of the California investments, or 8.6% of CalPERS' overall public equities allocation; fixed income with $3.3 billion represents 6.2% of the overall bond allocation; private equity, $3.2 billion or 11% of that asset class; real estate, $7.2 billion or 26.2% of the real estate portfolio; and infrastructure, $119 million, 5.4% of CalPERS' infrastructure portfolio.