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.
At the Asset Liability Management Workshop in December 2010, new asset classifications were created in reference to CalPERS asset allocation. Below is a table of the previous and current asset classes or program areas.
| Asset Class or Program | Current Asset Classifications |
|---|---|
| Real Estate | Real Assets |
| Infrastructure | Real Assets |
| Forestland | Real Assets |
| Commodities | Inflation Assets |
| Inflation-Linked Bonds | Inflation Assets |
| Fixed Income | Income |
| Alternative Investments | Private Equity |
| Global Equity | Public Equity |
| Nominal Government Bonds | Liquidity |
| Cash | Liquidity |
The CalPERS Investment Policies are current as of February 19, 2013.
Policies are continually updated, revised, and developed, so be sure to check back often for the latest information.
Revised Policies
- Real Assets Policy
- Public Employees’ Health Care Fund Policy
CalPERS Investment Policy Statement
Policy related to investment philosophy for the Total Fund.Asset Allocation
Policies related to the Board's approved Asset Allocation Strategies.Investment Asset Classes
Policies related to the five asset classes: Private Equity (PE), Global Equity, Global Fixed Income, Inflation Assets and Real Assets, plus the Multi-Asset Class Partners Program and the Absolute Return Strategies Program.Ethics
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.Operations
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 and more.Glossary of CalPERS Investment Policy Terms
You'll find a listing of many of the terms and phrases you'll encounter while reviewing the CalPERS Investment Policies.Dated: 04-22-2013
