For more than nine decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. The pension fund serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in the health program, making it the largest defined-benefit public pension in the US.
July 15, 2024
Communications & Stakeholder Relations
Contact: Office of Public Affairs
(916) 795-3991 - newsroom@calpers.ca.gov
SACRAMENTO, Calif. – CalPERS today reported a preliminary net return of 9.3% on its investments for the 12-month period ending June 30, 2024. Assets as of that date were valued at $502.9 billion.
The investment return outpaced the discount rate of 6.8%, comparable to an assumed rate of return and a policy marker established by the CalPERS Board of Administration. It was also a notable improvement from the two most recent fiscal years, where investment returns were influenced by a variety of economic and geopolitical challenges.
When using the preliminary net return of 9.3% to assess long-term obligations, the overall estimated funded status of the Public Employees’ Retirement Fund (PERF) stands at 75%.
"Our investing strategy was well positioned to take advantage of improving economic conditions over the past 12 months," said CalPERS Chief Executive Officer Marcie Frost. "Meeting or exceeding our long-term investing goals is crucial for providing the retirement benefits that our 2 million members and their families are counting on."
Public equity investments, comprising 41.9% of the PERF, led the way among asset classes with an estimated 17.5% return.
The private debt asset class, established in 2022, also performed strongly. Its estimated return was 17%.
Fixed income and private equity reported returns of 3.7% and 10.9%, respectively. Real assets reported a negative return for FY 2023-24.
"Our team remains focused on executing on our long-term investment strategy, building a diversified portfolio to navigate markets and mitigate volatility over our multi-generational investment horizon," said Interim Chief Investment Officer Dan Bienvenue.
This fountain is in the courtyard of the CalPERS headquarteres at 400 P Street and the Sacramento Regional Investment Office at 400 Q Street; a block from the Tobe Advocates office.