Investment Policies

CalPERS Investment Policies are approved by the CalPERS Investment Committee 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 April 17, 2015.

CalPERS Total Fund Investment Policy (PDF)

The CalPERS Total Fund Investment Policy sets forth CalPERS investment beliefs and overarching investment purposes and objectives with respect to all of its investment programs including management of investments and risk.

Investment Asset Classes

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

Affiliate Funds

Policies related to Affiliate Funds, which are funds administered by CalPERS that are not included in the Public Employees' Retirement Fund (PERF).


Policies related to ethical management of investments, such as regulations for Disclosure of Placement Agent Fees, and Insider Trading.

Global Governance Policy (PDF, 1.62 MB)

Policy regarding sustainable investment, proxy voting, corporate engagement, and public policy advocacy. Global Governance Principles are attached.

CalPERS Specific Glossary of Terms (PDF)

You'll find a listing of many CalPERS specific terms you'll encounter while reviewing the CalPERS investment policies.

Dated: 04-21-2015