What sectors does CalPERS invest in?

The largest US public pension fund, re-entered venture capital after a decade-long hiatus with a 14.7% 1-year VC return and over $15B in annual PE commitments.

Typical check size

€50M – €500M

Fund size: $500B+ AUM; largest US public pension fund; re-entered VC in 2022

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Portfolio highlights

Venture program via LP commitments to top-tier VC funds

Growth equity and mid-market buyout strategies

27 new PE commitments totaling $4.3B in H2 2025

Contact

www.calpers.ca.gov

United States

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Government

United States

CalPERS

Investment focus

Sectors

Investment stages

Growth

Geographic focus

Global

United States

Investment thesis

The largest US public pension fund, re-entered venture capital after a decade-long hiatus with a 14.7% 1-year VC return and over $15B in annual PE commitments.