CalPERS Releases Annual Reports Highlighting California Investments and Their Benefits
June 16, 2014
External Affairs Branch
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Joe DeAnda, Information Officer
Investment in Golden State rises 5.6 percent from last year to $20.8 billion
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today released its annual CalPERS for California report, detailing the broad ancillary benefits the System’s investments generated in California for the 2012-13 Fiscal Year. Additionally, CalPERS released an updated version of the California Initiative report, highlighting a program that encourages investments in companies located in traditionally underserved California markets.
Ancillary benefits of CalPERS investments described in these reports include the creation and support of jobs, infrastructure for communities and commerce, business expansion, and related economic activity.
“As the largest public pension fund in the U.S., it’s wonderful to have a significant investment in our home state,” said Henry Jones, CalPERS Investment Committee Chair. “Our members dedicate their careers to public service so it’s appropriate that we continue to contribute to their communities after they retire.”
Key findings in the CalPERS for California 2013 report include:
Investments in California for the 2012-13 Fiscal Year totaled $20.8 billion, representing an increase of 5.6 percent from the 2011-12 Fiscal Year.
Investments in California represent 8.1 percent of the Total Fund.
More than 1.2 million jobs are supported as a result of CalPERS investments in California.
CalPERS dollars were invested across asset classes, including public equity, fixed income, private equity, real estate, and infrastructure.
“We always look for the best opportunities to provide risk-adjusted returns,” said Ted Eliopoulos, CalPERS Interim Chief Investment Officer. “We’ve been able to find quite a few in our own backyard and we’ll continue to look for more.”
Since the inception of the California Initiative in 2001, which used exclusively private equity funds, CalPERS has invested a total of more than $1 billion in 515 companies located primarily in California. These companies have provided California communities with quality jobs and benefit levels for health care and retirement that outpace statewide and national levels.
The California Initiative has invested in areas of the state that have historically not received institutional equity capital, with 47 percent of capital allocated to companies located in underserved markets. Overall, California Initiative companies have experienced 25 percent employment growth since the time of investment.
CalPERS is the largest public pension fund in the U.S., with more than $290 billion in assets. CalPERS administers health and retirement benefits on behalf of 3,064 public school, local agency, and state employers. There are more than 1.6 million members in the CalPERS retirement system and more than 1.3 million members in its health plans. For more information about CalPERS, visit www.calpers.ca.gov.