California Public Employees' Retirement System

California Public Employees' Retirement System (CalPERS), established in 1932, is a state-owned investment manager based in Sacramento, California. It provides retirement and health benefit programs, along with administrative support services, to public employees, retirees, and their families. CalPERS manages a diverse investment portfolio, including public and private equity, fixed income, alternative assets, and real estate, both domestically and globally. As of 2021, its investment portfolio breakdown is approximately 49% public equity, 29.5% income, 12.6% real assets, 7.7% private equity, and 1.2% liquidity. CalPERS also offers supplemental retirement savings plans and long-term care insurance. It is governed by a board of directors.