Investment Policies

The CalPERS Investment Policy Manual outlines the investment policies that the CalPERS Investment Committee has approved for itself, the Pension Fund's investment staff and the third-party contractors who provide services and products to CalPERS.

Investment policies have been developed for CalPERS asset classes, portfolios and programs. The policies address CalPERS investment exposure in the public equity, income, real assets, inflation assets and private equity markets on both a national and international level. Each policy provides clarity of authority, responsibility and accountability of CalPERS assets. Although these matters constitute CalPERS internal management, CalPERS Investment Committee has adopted each policy in full public disclosure.

The CalPERS Investment Policies are current as of October 23, 2014.

Policies are continually updated and developed, so check back often for the latest information.

Revised Policies

Repealed Policies

  • Corporate Governance Program
  • Developmental Investment Fund

CalPERS Investment Beliefs & Policy Statement

Policies related to CalPERS Investment Beliefs and investment philosophy for the Total Fund.

Asset Allocation

Policies related to the Board's approved Asset Allocation Strategies for the Public Employees' Retirement Fund (PERF) and Affiliated Funds.

Investment Asset Classes

Policies related to the five asset classes: Global Equity, Global Fixed Income, Inflation Assets, Private Equity (PE) and Real Assets (includes Real Estate, Infrastructure, and Forestland), plus the Multi-Asset Class Partners Program and the Absolute Return Strategies Program.


Policies related to ethical management of investments, including Conflict of Interest, Healthcare Investment Initiative, Regulations for Disclosure of Placement Agent Fees and Insider Trading.

Investment & Risk Management

Policies related to management of investments and risk.


Policies that are operational in nature, including Appraisal of CalPERS Real Estate, Custody Management, Plan Level and Asset Class Transition Portfolios and Real Estate Accounting.

Shareowner Activities

Policies relating to global governance activities.

Other (Non-PERF) Investment Portfolios

Policies relating to our other Non-PERF portfolios, such as the Supplemental Income Plans.

CalPERS Specific Glossary of Terms (PDF)

An updated glossary of CalPERS specific investment terms was established in June 2014. The terms appear in bold italics within the policies.

Dated: 10-28-2014