CalPERS posted a net return of 9% for the year ended Dec. 31, below its policy benchmark return of 10.9%, according to a performance report on its website.
The $533.4 billion California Public Employees’ Retirement System, Sacramento, also posted annualized net returns of 2.2%, 6.3% and 6.7% for the three, five and 10 years ended Dec. 31, respectively.
The pension fund’s fiscal year ends June 30.
For the year ended Dec. 31, the Russell 3000 index returned 23.1%, while the MSCI EAFE index returned 3.8%. Public equities, which includes all regions, was CalPERS’ top performer for calendar year 2024 with a net return of 16% (above the policy benchmark return of 15.7%).
Following that was private equity, with a net return of 11.9% (below the policy benchmark return of 33.7%); private debt, 14.5% (above the 10.8% benchmark); income, 1.2% (0.9%); and real assets, -1.7% (-7.9%).
As of Dec. 31, CalPERS’ actual allocation was 39.4% public equities, 29.4% income, 17% private equity, 13.4% real assets, 3.6% private debt, 2.5% other trust level and -5.3% total fund financing.
The target allocation is 37% public equities, 28% income, 17% private equity, 15% real assets, 8% private debt, zero for other trust level and -5% total fund financing.
