CalPERS' return tops benchmark

CalPERS' CIO Nicole Mussico's departure comes as the pension fund's recent performance topped its policy benchmark. Over the last fiscal year, which ended June 30, the pension fund returned 5.8% vs. 5.5%, and longer-term returns were generally slightly ahead or in line with the benchmark.

At the end of June, the pension fund had more than 45% allocated to public equity compared with the 42% target. Income investments were 26.4%, below the 30% target. Private equity, real assets and private credit combined were more than 30% of the pension fund's assets.