CalPERS' inflation-linked asset class is made up of two main asset types: commodities (including commodity futures, forwards, swaps, structured notes, and options) and inflation-linked bonds. The strategic objective is to prudently achieve long-term returns above inflation and diversify CalPERS investments.

Assets in the Portfolio: Commodities and inflation-linked bonds

Investment Division: Income

Current Portfolio Size: View CalPERS Investment Fund Values.

Investment Proposals: New External Managers are selected through a formal solicitation process. The selection of managers is driven by CalPERS' needs. Currently, only investment proposals for commodities are being accepted. CalPERS may not invest in physical commodities. Find more information on Manager Solicitations, Investment Proposal Submission on active solicitations, and other CalPERS Business Opportunities.

Emerging Manager Program: The Inflation Program does not currently have an Emerging & Transition Managers Program.


View all Investment Policies.

View CalPERS Beliefs for our views on public pension design, funding, and administration.