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Calpers Gained 13% in 2012 as Stocks Bury Private Equity

The California Public Employees’ Retirement System, the largest U.S. pension at $252.3 billion, earned about 13 percent on invested assets last year, led by increases in stocks and private equity.

That compared with a 1.1 percent return in 2011, according to the fund. Private-equity investments, whose reporting lags behind the rest of the results, climbed about 12 percent for the year through September, less than half the target rate, Calpers said yesterday. Publicly traded shares rose about 17 percent, meeting goals for the period ending Dec. 31.