The CalPERS Investment Committee is authorized to approve and oversee compliance with investment policies. The following list includes investment policies adopted by the Investment Committee which are implemented by Investment Office staff.

Investment Policies

Cross-Asset Class

  • Total Fund Investment Policy (PDF) - This document includes the following sections:
    • Investment Beliefs
    • Asset Allocation Strategy
    • Benchmarks
    • Investment Risk Management
    • Global Derivatives and Counterparty Risk
    • Investment Leverage
    • Divestment
    • Liquidity Program
    • Low Duration Fixed Income Program
    • Opportunistic Program
    • Securities Lending
    • Terminated Agency Pool
    • Plan Level and Asset Class Transition Portfolios
    • Role of Private Asset Class Board Investment Consultants
    • Governance and Sustainability Strategy

Global Equity

Global Fixed Income

Private Equity

Real Assets

Other Programs

Affiliate Fund Policies