CalPERS

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.

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

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

• Public pension fund
• Defined benefit retirement
• Retirement benefits administration
• Health benefits programs
• Pension fund management

Headquarters

HQ city

Sacramento

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D, Infrastructure

Revenue model

1. 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

Core 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

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct 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

• Xx.com/CalPERS
• YouTubeyoutube.com/CalPERS
• Facebookfacebook.com/mycalpers
• LinkedInlinkedin.com/company/2654
• Instagraminstagram.com/calpers

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CalPERS