CalPERS
CalPERS is the largest US public pension fund, administering defined benefit retirement, health, and disability benefits for approximately 2.4 million California public employees on behalf of more than 3,000 state, school, and local agency employers, managing approximately $600B+ in assets.
- Company typePrivate
- Founded1932
- HeadquartersSacramento, United States
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What CalPERS does
CalPERS (California Public Employees' Retirement System) is the largest US public pension fund, established by the California Legislature in 1932 and headquartered at 400 Q Street, Sacramento. It administers defined benefit retirement, health, disability, death, and long-term care benefits for approximately 2.4 million active and retired California public employees and their families on behalf of more than 3,000 public school, local agency, and state employers. The fund manages approximately $600-625.7 billion in assets with a target annual return of 6.8%.
Core offerings include the myCalPERS online member portal, defined benefit pension programs with multiple benefit factor formulas (e.g., 2% at 55, 3% at 50), the CalPERS 457 deferred compensation plan, partial service retirement, reciprocity arrangements linking CalPERS with other California public retirement systems, and a health benefits program spanning HMO, PPO, and Medicare plans administered through carriers including Anthem Blue Cross, Blue Shield of California, Kaiser Permanente, and UnitedHealthcare. The underlying portfolio management methodology is the Total Portfolio Approach (TPA), a risk-factor-based strategy that groups assets by risk behavior rather than traditional asset class silos - CalPERS became the first major US pension fund to formally adopt TPA across its entire portfolio in November 2025.
CalPERS does not generate traditional commercial revenue. As a defined benefit plan, it is funded through employee and employer contributions plus investment returns on its portfolio. The fund has shifted aggressively into private markets, growing allocation from 18% to 34% of total assets over five years, and executing large-scale co-investments in infrastructure (AES Corporation $33.4B), growth equity (Zepto $450M, Inox Clean Energy), private equity funds (Francisco Partners $18B), and emerging themes including sports assets and digital assets. Its go-to-market is institutional: California public employers contract with CalPERS to provide retirement and health benefits, member service is delivered through eight regional offices, the myCalPERS portal, and educational webinars, and investment acquisitions are executed through direct co-investment and commitments to alternative asset managers.
CalPERS firmographics
Firmographics- Name
- CalPERS
- Legal name
- California Public Employees' Retirement System
- Website
- https://calpers.ca.gov
- Company type
- Private
- Founded year
- 1932
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- CalPERS is the largest US public pension fund, administering defined benefit retirement, health, and disability benefits for approximately 2.4 million California public employees on behalf of more than 3,000 state, school, and local agency employers, managing approximately $600B+ in assets.
- Ownership category
- akta.pro rank
CalPERS industry classification
Industry- Product category
- Public Pension Administration
- NAICS
- Pension Funds (525110), Health and Welfare Funds (52512), Insurance and Employee Benefit Funds (5251), Administration of Public Health Programs (923120)
- SIC
- Finance Services (6199), Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321)
- akta.pro primary industry
- Pensions & Retirement Benefits Administration (BPAIAKAA)
- akta.pro secondary industries
- Employee Benefit & Retirement Plan Trust Services (FSAAANAC), Public Sector & Government Employer Group Health Plans (FSAIAFAF), Benefits Administration & Enrollment Support (BPAAAIAB), Retirement Benefits & Social Security/Medicare Planning (FSAEABAI)
Keywords
Where CalPERS is headquartered
LocationHeadquarters
- HQ city
- Sacramento
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
CalPERS business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Technology or R&D, Infrastructure
Revenue model
- Pension Fund Management: CalPERS operates as a defined benefit pension plan funded by employee contributions, employer contributions, and investment returns. Revenue is generated through investment income on the $600+ billion portfolio and nominal administrative fees from participating employers.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
CalPERS product offering
Product offeringCore offering
CalPERS (California Public Employees' Retirement System) administers defined benefit pension plans and health benefits for approximately 2.4 million current and former California state, school, and local public agency employees and their families. It manages a $600+ billion investment portfolio to fund retirement promises, calculates and pays monthly retirement allowances using service credit and benefit factor formulas, and offers medical, dental, vision, long-term care, and supplemental savings plans.
Product overview
CalPERS (California Public Employees' Retirement System) operates as a comprehensive public pension and benefits administration system offering a unified platform of retirement and health benefit products. The core myCalPERS member portal serves as the central hub, enabling members to access retirement planning tools, health benefit management, and service credit tracking. The retirement program includes defined benefit pension calculations using formula-based benefit factors, disability retirement options, and reciprocal arrangements with other California public retirement systems. The health benefits program offers medical coverage through multiple plan types (HMO, PPO) administered by contracted carriers including Anthem Blue Cross, Blue Shield of California, Kaiser Permanente, and UnitedHealthcare, plus supplemental dental, vision, and long-term care options. Retirement savings vehicles include the CalPERS 457 Plan and Supplemental Contributions Plan administered by Voya. The system serves school members, state members, and public agency members with different benefit formulas and contribution rates.
Differentiator
Problem solved
Functional benefit
Products and services
- myCalPERS
- Service & Disability Retirement
- Partial Service Retirement
- Retirement Benefits Program
- CalPERS 457 Plan
- Supplemental Contributions Plan (SCP)
- Refund of Member Contributions
- Health Benefits Program
- PERS Platinum & PERS Gold
- Dental & Vision Benefits
- Long-Term Care Program
- California Employers' Pension Prefunding Trust (CEPPT) Fund
- California Employers' Retiree Benefit Trust (CERBT) Fund
Quantifiable outcome
- 22% return on PE portfolio in FY2026
- +2 more outcomes
Companies that use CalPERS
Customer profileSegments2 records
Ideal customer profiles2 records
CalPERS technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
CalPERS partnerships and signals
Strategic signalScale indicators9 records
Recent moves9 records
Expansion highlights6 records
CalPERS competitors and assessment
Company assessmentDirect peers
- CalSTRS (California State Teachers' Retirement System): CalSTRS is the second-largest US public pension fund, administering retirement benefits for California public school teachers. Like CalPERS, it is a California state-defined benefit fund, manages similar AUM scale, and shares the same regulatory environment and sponsor base, making it the closest peer for benchmarking.
- New York State Common Retirement Fund: One of the largest US public pension funds, managing defined benefit pensions for NY state and local government employees. Directly comparable to CalPERS in scale, structure, and investment strategy, including significant private markets exposure.
- Texas TRS (Teacher Retirement System of Texas): Texas TRS administers pension and health benefits for Texas public educators and is among the largest US public pension funds. Comparable in scale, defined benefit structure, and benefits administration scope to CalPERS, though serving a different state.
- Florida State Board of Administration (SBA): Florida SBA manages assets for the Florida Retirement System and other state entities, making it a structurally analogous large US public pension fund with comparable defined benefit liabilities and a growing alternatives program.
- Ohio Public Employees Retirement System (OPERS): OPERS administers pension and health benefits for Ohio public employees, comparable in size and structure to CalPERS. Both operate as state-level defined benefit funds with multi-employer contracting and similar allocation strategies.
- Washington State Investment Board: WSIB invests pension assets for Washington state retirement systems with a strong alternatives program. Directly comparable as a large US state pension investor with similar governance and asset allocation approach.
Broad incumbents
- CPP Investments (Canada Pension Plan Investment Board): CPP Investments manages the Canada Pension Plan fund with $500B+ AUM and a globally recognized Total Portfolio Approach. Directly comparable in scale and strategy; notably, CalPERS hired two senior leaders (Stephen Gilmore, Derek Walker) from peer organizations that pioneered TPA.
- Ontario Teachers' Pension Plan Board: Ontario Teachers' manages ~C$250B for Canadian teachers, with a strong direct private equity and infrastructure program. Comparable as a sophisticated large pension fund that operates as a professional asset owner, similar to CalPERS' private markets strategy.
- New Zealand Super Fund: New Zealand Super Fund is a sovereign-style pension fund widely credited as a Total Portfolio Approach pioneer. Stephen Gilmore, CalPERS' new CIO, came from NZ Super and is replicating its framework at CalPERS, making this a strategically and structurally comparable peer.
Regional players
- NYC Employees' Retirement System (NYCERS): NYCERS administers pension benefits for NYC municipal employees. While smaller than CalPERS, it is comparable as a municipal-level defined benefit fund administering health and retirement benefits for public sector employees in a major US metro.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
CalPERS social profiles
Digital presenceCalPERS financial estimates
Financial estimateRevenue estimate
Valuation estimate
CalPERS leadership team
Management profileNumber of profiles
Profiles1 record
CalPERS funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CalPERS M&A and investment
M&A and investmentM&A
Investments14 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CalPERS
What does CalPERS do?
CalPERS (California Public Employees' Retirement System) administers defined benefit pension plans and health benefits for approximately 2.4 million current and former California state, school, and local public agency employees and their families. It manages a $600+ billion investment portfolio to fund retirement promises, calculates and pays monthly retirement allowances using service credit and benefit factor formulas, and offers medical, dental, vision, long-term care, and supplemental savings plans.
Is CalPERS a public or private company?
CalPERS is a private company. It is classified as state government owned and is currently operating.
When was CalPERS founded?
CalPERS was founded in 1932. It employs 1,001 to 5,000 people.
Where is CalPERS based?
CalPERS is headquartered in Sacramento, United States, in the North America region.
How does CalPERS make money?
One revenue line is on record: pension Fund Management.
Who are CalPERS's main competitors?
Direct peers on record are CalSTRS (California State Teachers' Retirement System), New York State Common Retirement Fund, Texas TRS (Teacher Retirement System of Texas), Florida State Board of Administration (SBA), Ohio Public Employees Retirement System (OPERS) and Washington State Investment Board. Broad incumbents are CPP Investments (Canada Pension Plan Investment Board), Ontario Teachers' Pension Plan Board and New Zealand Super Fund. NYC Employees' Retirement System (NYCERS) is listed as a regional player.
Does CalPERS have an API?
No public API is recorded for CalPERS.
What industry is CalPERS in?
CalPERS's product category is Public Pension Administration. Its primary akta.pro industry code is BPAIAKAA, Pensions & Retirement Benefits Administration, with a secondary code of FSAAANAC, Employee Benefit & Retirement Plan Trust Services. Its NAICS code is 525110 and its SIC code is 6199.