Key Takeaways
- • CalPERS promoted Anton Orlich to Deputy Chief Investment Officer for Private Markets, expanding his oversight of the pension system's $119 billion private-equity portfolio, succeeding Daniel Booth who departed in October 2025.
- • CalPERS' private equity program has delivered the highest investment returns among its asset classes over the past 20 years, ranking number one in returns among large pension funds nationally last year.
- • The private equity portfolio's net asset value reached $110.8 billion as of December 31, 2025—up $10.2 billion year-over-year—representing 18.5% of CalPERS' total fund, above its 17% long-term target but within the 22% ceiling.
- • Under Orlich's leadership, the private markets strategy increasingly emphasizes venture and growth investments, positioning active management as a key differentiator as public markets cool.
- • CalPERS is implementing a Total Portfolio Approach beginning July 1, 2026, designed to optimize capital allocation across all asset classes and strengthen funded status for its 2.4 million members.
Summary
The California Public Employees' Retirement System promoted Anton Orlich to Deputy Chief Investment Officer for Private Markets, significantly expanding his responsibility over one of the pension fund's most successful investment segments. Orlich, who joined CalPERS in 2022, now oversees the $119 billion private-equity portfolio, succeeding Daniel Booth, who stepped down in October 2025. The promotion reflects CalPERS' strategic confidence in Orlich's stewardship of the private markets division and his role in recalibrating the pension fund's alternative investment approach.
CalPERS' private equity program has emerged as the fund's strongest performer, ranking as the highest-returning asset class over the past two decades and delivering top-quartile results among major pension funds in the most recent year. As of December 31, 2025, the private equity portfolio maintained a net asset value of $110.8 billion, representing a $10.2 billion increase from the prior year. This portfolio now comprises 18.5% of CalPERS' total fund, positioning it above the system's 17% long-term target allocation while remaining within the established 22% ceiling. The scale and performance of this segment underscore its critical importance to the pension fund's long-term return objectives and funded status management.
Under Orlich's stewardship, CalPERS' private markets strategy has evolved to emphasize venture capital and growth equity investments, a positioning that takes on heightened significance as public equity markets face headwinds. The shift toward active management in private markets reflects institutional recognition that traditional public market returns may face structural pressure, necessitating differentiated return generation through direct and fund-based private equity exposure. CalPERS is operationalizing this strategic shift through its newly launched Total Portfolio Approach, effective July 1, 2026, which integrates decision-making across all asset classes to optimize capital deployment and enhance overall portfolio resilience. This holistic methodology aims to sustain the funded status improvements necessary to secure retirement benefits for CalPERS' 2.4 million members.
CalPERS' private equity program has emerged as the fund's strongest performer, ranking as the highest-returning asset class over the past two decades and delivering top-quartile results among major pension funds in the most recent year. As of December 31, 2025, the private equity portfolio maintained a net asset value of $110.8 billion, representing a $10.2 billion increase from the prior year. This portfolio now comprises 18.5% of CalPERS' total fund, positioning it above the system's 17% long-term target allocation while remaining within the established 22% ceiling. The scale and performance of this segment underscore its critical importance to the pension fund's long-term return objectives and funded status management.
Under Orlich's stewardship, CalPERS' private markets strategy has evolved to emphasize venture capital and growth equity investments, a positioning that takes on heightened significance as public equity markets face headwinds. The shift toward active management in private markets reflects institutional recognition that traditional public market returns may face structural pressure, necessitating differentiated return generation through direct and fund-based private equity exposure. CalPERS is operationalizing this strategic shift through its newly launched Total Portfolio Approach, effective July 1, 2026, which integrates decision-making across all asset classes to optimize capital deployment and enhance overall portfolio resilience. This holistic methodology aims to sustain the funded status improvements necessary to secure retirement benefits for CalPERS' 2.4 million members.
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