University of California Retirement Plan

Jagdeep Singh Bachher serves as Chief Investment Officer and Senior Vice President of Investments for the UC Regents, a role he has held since 2014. He oversees all asset allocation, manager selection, and investment strategy across UCRP, the UC endowment, and other university-related pools. The Board of Regents retains ultimate fiduciary authority and approves actuarial assumptions annually. Bachher reports to the Regents' investment committee.

UCRP's funded status fluctuates with market conditions and actuarial assumptions. The plan uses a smoothed asset valuation method to dampen contribution-rate volatility. The most recent actuarial valuations are published by the UC Office of the President and presented to the Board of Regents at public meetings. Allocators should consult the plan's annual actuarial report for precise funded-ratio figures, as these shift with each valuation cycle.

UCRP accesses private markets through a combination of fund commitments and direct co-investments. The private equity portfolio operates across buyout, growth equity, and venture capital strategies alongside major sponsors. The real estate sleeve includes fund vehicles like the Blackstone Real Estate Income Trust and direct property holdings. The private credit portfolio similarly blends fund commitments with co-investment positions. The investment office negotiates fee structures and co-investment rights at the point of commitment.

UCRP holds significant public-equity assets in BlackRock-managed index funds, reflecting a broader UC Investments preference for passive equity exposure in developed markets. The exact allocation size is disclosed in the plan's quarterly performance reports and annual financial statements. BlackRock serves as one of several external managers; the relationship does not extend to private-markets mandates.

Yes. UCRP maintains a dedicated absolute return portfolio that allocates to hedge funds, tactical mandates, and other non-directional strategies. The absolute return sleeve functions alongside private equity, real assets, and private credit as part of the plan's alternatives allocation. Specific manager names are disclosed in periodic investment reports presented to the Board of Regents.

UCRP operates under the governance of the Regents of the University of California, not a state legislature or independent board of trustees. This gives the investment office greater autonomy over asset allocation, manager selection, and pay structures than most public pension plans. The Regents set contribution rates, approve actuarial assumptions, and oversee investment policy through a committee structure. This concentrated governance — a single board for a single university system — provides faster decision-making cycles than plans answerable to state lawmaking bodies.

UCRP and the UC endowment are separate pools of capital managed under the same CIO — Jagdeep Singh Bachher — through the UC Investments office. UCRP is the retirement plan covering employee benefits; the endowment supports university operations, research, and financial aid. Both pools benefit from shared investment infrastructure and manager relationships, but each has distinct liquidity needs, time horizons, and spending policies.