Policies
The CalPERS Investment Committee is authorized to approve and oversee compliance with investment policies. The following list includes investment policies adopted by the Investment Committee which are implemented by Investment Office staff.
Investment Policies
Cross-Asset Class
- Total Fund Investment Policy, 2024 (PDF) - This document includes the following sections:
- Investment Beliefs
- Asset Allocation Strategy
- Benchmarks
- Investment Risk Management
- Global Derivatives and Counterparty Risk
- Investment Leverage
- Divestment
- Global Equity
- Global Fixed Income
- Real Assets
- Private Equity
- Private Debt
- Liquidity Program
- Low Duration Fixed Income Program
- Opportunistic Program
- Securities Lending
- Terminated Agency Pool
- Plan Level and Asset Class Transition Portfolios
- Role of Private Asset Class Board Investment Consultants
- Governance and Sustainability Strategy
Other Programs
- Absolute Return Strategies Program, 2014 (PDF)
- Inflation Assets Program, 2015 (PDF)
- Real Assets Responsible Contractor Program, 2015 (PDF)
- Restricting Private Equity Investments in Public Sector Outsourcer, 2014 (PDF)
Affiliate Fund Policies
- California Employers' Pension Prefunding Trust (CEPPT) Fund, 2022 (PDF)
- California Employers' Retiree Benefits Trust (CERBT) Fund, 2022 (PDF)
- Judges' Retirement Fund, 2016 (PDF)
- Judges' Retirement System II (JRS II) Fund, 2024 (PDF)
- Legislators' Retirement System (LRS) Fund, 2024 (PDF)
- Public Employees' Health Care Fund, 2024 (PDF)
- Public Employees' Long-Term Care (LTC) Fund (PDF)
- Supplemental Income Plans (SIP), 2022 (PDF)