CalPERS P.E. Portfolio Returns 20%

Jul 15 2014 | 10:41am ET

The nation’s largest public pension system posted big gains over the past 12 months, thanks is no small part to its private-equity investments.

The California Public Employees’ Retirement System earned 18.4% on its investments in the fiscal year that ended June 30, it said. The $300 billion pension’s private-equity portfolio returned 20% during that period.

In spite of the double-digit gain, returns could be called slightly disappointing: CalPERS’ returns failed to match the 22% gain posted by the Standard & Poor’s 500 Index over the same period—although its own stock investments returned 24.8%, beating its internal benchmark. That’s a mark the p.e. portfolio failed to reach, missing its internal benchmark by 3.3 points.

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