CalPERS
The largest U.S. pension, rebuilding its venture exposure.
Institutional LP CapitalFirmGlobal
Target market
Scaled venture and growth managers able to absorb large commitments
Typical check
Very large — commitments often $50M and up
Geography
Global
Overview
The California Public Employees' Retirement System is the largest public pension fund in the United States and a bellwether for institutional allocation. After years of being publicly underweight venture, CalPERS has since 2023 moved deliberately to rebuild its venture exposure within a growing private-equity program — a shift the whole LP market watched. Its checks are large and its process is institutional: staff, consultants and board governance all get a vote, and commitments are disclosed publicly. Realistic for scaled franchises, not first funds.
Key facts
- Largest public pension fund in the United States
- Publicly committed to rebuilding venture exposure since 2023
- Commitments and performance are publicly disclosed
- Based in Sacramento, California