# California Public Employees' Retirement System (CalPERS)

California Public Employees' Retirement System (CalPERS) is a Pension Fund based in Sacramento, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Sacramento, United States
- **Region:** North America
- **Founded:** 1932
- **Assets under management:** 523200 (Altss estimate)
- **Website:** www.calpers.ca.gov
- **LinkedIn:** linkedin.com/company/california-public-employees-retirement-system

## Regulatory record

- **Reports private funds:** No

## About

California Public Employees' Retirement System operates as a public defined benefit pension plan. Marcie Frost holds the Chief Executive Officer role. Stephen Gilmore serves as Chief Investment Officer. The portfolio spans public equities, buyout strategies, real estate, and infrastructure. Confirmed holdings include long positions in NVIDIA, Microsoft, and Apple. Additional exposure comes through limited partner commitments to Blackstone, Carlyle, KKR, and TPG funds. Real estate assets include joint ventures with GI Partners and BentallGreenOak focused on industrial and multifamily properties in the United States. The fund lists 43 enriched network items covering assets, holdings, and relationships. It maintains memberships in the Council of Institutional Investors and Principles for Responsible Investment. Service providers include State Street as master custodian and Wilshire Advisors as investment advisor. Governance centers on a Board of Administration that includes the California State Controller and State Treasurer as members.

## Sectors

- Public Equity
- Private Equity
- Real Estate
- Infrastructure

## People

- Marcie Frost — Chief Executive Officer
- Stephen Gilmore — Chief Investment Officer
- Theresa Taylor — President of the Board of Administration
- David Miller — Vice President of the Board of Administration

## Questions

### Who runs investment decisions at CalPERS?

Marcie Frost serves as Chief Executive Officer. Stephen Gilmore holds the Chief Investment Officer position. The Board of Administration provides oversight.

### Does CalPERS participate in fund commitments or only direct deals?

The fund acts as a limited partner in multiple private equity vehicles. It also holds direct real estate and infrastructure assets through joint ventures.

### Which sectors does CalPERS allocate to in public markets?

Public equity holdings concentrate in technology names including NVIDIA, Microsoft, Apple, and Alphabet. Financials exposure includes JPMorgan Chase.

### What is CalPERS known posture on co-investments alongside external GPs?

The fund maintains limited partner relationships with multiple buyout managers. Direct asset ownership occurs through joint ventures in real estate and infrastructure.

## Related profiles

- [CalPERS](https://altss.com/profile/calpers-california-public-employees-retirement-system)
- [Microsoft Climate Innovation Fund](https://altss.com/profile/microsoft-climate-innovation-fund)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/california-public-employees-retirement-system-calpers

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