CalPERS Announces Preliminary 11.6% Return for 2024-25 Fiscal Year

July 14, 2025

Communications & Stakeholder Relations
Office of Public Affairs
(916) 795-3991 - newsroom@calpers.ca.gov

SACRAMENTO, Calif. – CalPERS today reported a preliminary net investment return of 11.6% for the 12-month period ending June 30, 2025, bringing the Public Employees’ Retirement Fund (PERF) total assets under management to approximately $556.2 billion.

The strong return beat the fund’s discount rate of 6.8%, which is comparable to an assumed rate of return established by the CalPERS Board of Administration. The return also surpassed the benchmark used to gauge the PERF’s performance by 1.7%.

As a result, the overall estimated funded status of the PERF increased to 79%. The funded status stood at 71.4% in 2023 and 75% in 2024.

“In just two years, our investment returns have helped CalPERS increase the funded status to nearly 80% and rebound from the economic effects of the pandemic,” said Chief Executive Officer Marcie Frost. “Although there is more work to be done, I am proud to say that CalPERS is delivering for its members and employers.”

CalPERS last reported (PDF) a 9.3% return for the 2023-24 fiscal year.

CalPERS’ largest asset class led the way during fiscal year 2024-25. Public equity investments, which comprise approximately 39% of the fund, outperformed all other asset classes with an estimated 16.8% return.

Private equity earned a 14.3% return, a result of a strategy overhaul (PDF) in 2022 that included more co-investments. The strategy is also credited for a 10% cut in the management fee over the last few years. 

Notably, the private equity portfolio ranked as the best performing of its peers for calendar year 2024.

Private debt provided an estimated return of 12.8%.

Fixed income and real assets reported returns of 6.5% and 2.7%, respectively, for the fiscal year. 

“Despite some market headwinds earlier in the year, our investment strategy paid off,” said Chief Investment Officer Stephen Gilmore. “The team remains poised to take advantage of investment opportunities as they develop and to strike the best possible deals to boost returns and cut costs for the fund.”

1-Year Returns as of June 30, 2025

*Private market asset valuations lag one quarter and are as of March 31, 2025.

Preliminary total fund annualized returns for the five-year period ending June 30, 2025, stood at 8%; the 10-year period at 7.1%; the 20-year period at 6.7%; and the 30-year period at 7.6%.

CalPERS investment and finance staff and outside experts will review the portfolio’s performance in the next few months to finalize the fiscal year returns for 2024-25. 

The ending value of the PERF for fiscal year 2024-25 will be based on additional factors beyond investment returns, including employer and employee contributions, monthly payments to retirees, and various investment fees.

Once finalized, the fiscal year-end market value of CalPERS’ assets is used to set contribution rates for the State of California and school districts in the 2026-27 fiscal year and for contracting counties, cities, and special districts in the 2027-28 fiscal year.

Under the current provisions of the CalPERS Funding Risk Mitigation Policy, the board is provided the option of lowering the discount rate when investment returns exceed the established 6.8% discount rate.

Please review the annual investment report (PDF) for a comprehensive overview of the fund’s assets. 

Media Advisory

A news media availability via Zoom to discuss fiscal year investment returns with CalPERS’ senior leaders will be held Monday, July 14, at 12:00 p.m. PT. Credentialed media can send an email to newsroom@calpers.ca.gov for login information.

About CalPERS

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. Our pension fund serves more than 2 million members in the CalPERS retirement system, making us the largest defined-benefit public pension in the nation. We also administer health benefits for more than 1.5 million members and their families, making CalPERS the nation’s largest purchaser of public employee health services behind the U.S. government.