Calpers Posts 9.3% Gain for Fiscal 2024, Driven by Stocks
The largest US pension fund is increasing its exposure to private equity and private credit in a $34 billion bet that the riskier assets will fuel returns.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The California Public Employees’ Retirement System reported a 9.3% gain for its latest fiscal year, with returns driven largely by public equity investments and private debt.
The returns, which outpaced a 6.8% annual target, pushed total assets at the biggest US public pension fund to $502.9 billion for the fiscal year ended June 30, Calpers said Monday in a statement. That’s enough to cover 75% of its future obligations, better than 72% at the end of the previous year.