Key Takeaways
- • Calpers, California's largest public pension fund, is shifting its equity exposure away from large US technology companies, according to the Financial Times, as reported by Bloomberg on October 22, 2026.
- • The pension system has moved from concentrated exposure to seven large companies toward holdings in several hundred firms, a strategy it describes as diversifying equity risk.
- • Calpers is also increasing its allocation to private equity, per the FT's reporting based on an interview with a senior executive.
- • The shift was disclosed by Anton Orlich, Calpers' deputy chief investment officer, in comments quoted by the FT.
Summary
California Public Employees' Retirement System (Calpers) is moving away from large US technology stocks and expanding its private equity exposure, the Financial Times reported on October 22, 2026, citing an interview with a senior executive. The FT's account was relayed by Bloomberg, which carried the story under the headline "Calpers Pivots From US Tech Giants to Private Equity, FT Reports."
According to the FT, Calpers has reduced its concentration in a small group of seven large companies and spread its equity holdings across several hundred firms. Anton Orlich, Calpers' deputy chief investment officer, described the change as a way to diversify equity risk. The source material does not specify the dollar amounts involved, the precise allocation changes, or the timeline of the transition.
The move into private equity represents a parallel shift in the portfolio's asset mix. The available reporting does not quantify the target private equity allocation or indicate whether the change is part of a formal revised asset allocation policy.
For institutional allocators, the reported shift is notable given Calpers' scale as one of the largest public pension funds in the United States. Its reallocation toward diversified equities and private markets reflects a broader institutional focus on reducing mega-cap technology concentration in public equity benchmarks.
According to the FT, Calpers has reduced its concentration in a small group of seven large companies and spread its equity holdings across several hundred firms. Anton Orlich, Calpers' deputy chief investment officer, described the change as a way to diversify equity risk. The source material does not specify the dollar amounts involved, the precise allocation changes, or the timeline of the transition.
The move into private equity represents a parallel shift in the portfolio's asset mix. The available reporting does not quantify the target private equity allocation or indicate whether the change is part of a formal revised asset allocation policy.
For institutional allocators, the reported shift is notable given Calpers' scale as one of the largest public pension funds in the United States. Its reallocation toward diversified equities and private markets reflects a broader institutional focus on reducing mega-cap technology concentration in public equity benchmarks.
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