DFX Intelligence

Allocator Intelligence

California Public Employees' Retirement System

State retirement system· Sacramento, Californiacalpers.ca.gov

State retirement system, based in Sacramento, California, reporting $553B in assets, for 2,314,437 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$553B
Private allocation
33.5%
Fund commitments
465
Managers
139
Contact decision makersView relationships
More
Ask DFX about this allocatorInvestment staff
Open searchesPlans backing its top managerSimilar plans, same strategyCommitments (465)Allocation policyManagers
As of · the latest dated event for this allocator; each figure carries its own filing or report date

What may matter next

A pattern DFX replayed against history, using only what was known on each date, points at this record. The rate belongs to the pattern, not to this entity; what already happened is below.

Allocators · Re-upWindow to Sep 2027

California Public Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia Public Employees' Retirement System• h•••• L•• V••••••• V•••• L••• a•• t•• m•••••••• n••• f••• i• t••• s•••••• L•• V••••••• I•• L•••• i• o••• •••••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••
Why it matters

This allocator committed to the prior fund of a series that now has a successor fund. Existing LPs are the first calls in any raise, so this is the re-up list for the GP, and for a competing GP it shows whose capital may be in play.

Who this is for

GPs raising a successor fund, placement agents, and competing GPs in the same strategy.

Can you reach them

Decision maker identified; on file: professional email, LinkedIn.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

California Public Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia Public Employees' Retirement System• h•••• T••••• C•••••• P••••••• I• G•••••• L••• a•• t•• m•••••••• n••• f••• i• t••• s•••••• T••••• C•••••• P••••••• X• G•••••••• L•••• i• o••• ••••• c•••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

California Public Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia Public Employees' Retirement System• h•••• O•• H•••• P••••••• V• L••• a•• t•• m•••••••• n••• f••• i• t••• s•••••• O•• H•••• P••••••• V•• L•••• i• o••• •••••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

California Public Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia Public Employees' Retirement System• h•••• B••••••• V•••••• P••••••• X•• I••••••••• L••• a•• t•• m•••••••• n••• f••• i• t••• s•••••• B••••••• V•••••• P••••••• X••• I••••••••• L•••• i• o••• •••••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

California Public Employees' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia Public Employees' Retirement System• h•••• T••••• C•••••• P••••••• I•• L••• a•• t•• m•••••••• n••• f••• i• t••• s•••••• T••••• C•••••• P••••••• X• L•••• i• o••• •••••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.

What matters now

  1. 6
    re-up prospects

    6 re-up prospects were flagged in the last twelve months: managers it backed raising a successor fund.

    Managers it already backs are raising again; a re-up decision is coming.

    Inferencea successor fund observed for a manager the plan backsRe-up prospects →

14 more people, 77 more managers, 463 more commitments and 490 more dated events

Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

People to know

View all people
  • Anton Orlich
    Deputy Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet
  • Stephen Gilmore
    Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
All 17
California Public Employees' Retirement System
Funds committed to
All 172
Managers
All 80

Relationship network

501 connected entities200 observed commitments45 repeat counterparties$121B disclosed commitments (200 commitments)22 dated commitments shown here, 2025

From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Fund or vehicle
  • Organization
  • Person

Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

Size, funding, policy and commitments, with their basesState retirement systemShow
State retirement system
Assets
$553B
Total assets, Jun 30, 2024 derived
Funded
not on record
not filed
Private markets target
33.5%
policy Jun 30, 2024
Commitments
465
139 managers on Schedule C
Divisions and programs: Calpers Judges' Retirement Fund II, Calpers Judges' Retirement Fund I
Allocation policy
ACFR, as of Jun 30, 2024
Asset class (as printed)BucketTargetRangeActualGapBasis
IncomeFixed income29.1%29.6%+0.5reported calpers.ca.gov
Private DebtPrivate credit3.5%2.8%-0.7reported calpers.ca.gov
Private EquityPrivate equity15.0%15.6%+0.6reported calpers.ca.gov
Public EquityPublic equity40.4%41.9%+1.5reported calpers.ca.gov
Real AssetsReal assets15.0%13.2%-1.8reported calpers.ca.gov
Policy periods on the tape: Jun 30, 2024 (ACFR), Jun 30, 2023 (ACFR). Target changes between periods are on the what changed list.
Consultants and advisers
No adviser relationship is on the tape for this allocator. Public systems name theirs in the ACFR; plans list them on Schedule C.
Decision makers
who to call first about an allocation, and why; then everyone else by function
  • Anton Orlich · Deputy Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
  • Stephen Gilmore · Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

People
17 roles
Chief investment officer
Dan Bienvenue
Interim Chief Investment Officer (Dec 31, 2024) calpers.ca.gov
p.21: Dan Bienvenue Michael Cohen Douglas Hoffner Matthew G. Jacobs / Interim Chief Investment Officer
Stephen Gilmore
Chief Investment Officer (Sep 30, 2026) calpers.ca.gov
sible for investment and management of CalPERS assets, programs, and services. Stephen Gilmore Chief Investment Officer Michael Cohen Chief Operating Investment Officer Mascha Canio Managing Investmen

+14 more people on the investment staff and board

Every name, title and published role at this allocator, with the page it was read from.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Manager roster
80 managers on the commitment tape
From the plan’s own commitment disclosures

+77 more managers received commitments

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What changed
495 events
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for AACP China Growth Investors XV, L.P.: condition no longer holds; not judged
    with Asia Alternatives Management LLCno URL
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for TPG Next (b), L.P.: condition no longer holds; not judged
    with TPG Solutions Advisorsno URL
  • Sep 23, 2026Re-up prospectreport dateinference
    California Public Employees' Retirement System holds Bessemer Venture Partners XII Institutional L.P. ($115M); the manager is raising: Bessemer Venture Partners XIII Institutional L.P. (fundraising, seen 2026-09-23); no commitment to it on the graph
    with Bessemer Venture Partnersno URL
  • Sep 23, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Thrive Capital Partners X Growth-B, L.P.: condition no longer holds; not judged
    with Thrive Capitalno URL
  • Sep 23, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Francisco Partners VIII, L.P.: condition no longer holds; not judged
    with Francisco Partnersno URL

+490 more dated events

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Commitments
466 rows, 0 dated closings
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2025Hornet Co-Invest, L.P.co investmentunresolvedPrivate equity$2.0B2024Disclosed holdingcalpers.ca.gov
as of Dec 31, 2025BC CLP INVESTORS, L.P.unresolvedPrivate equity$2.0B2023Disclosed holdingcalpers.ca.gov
as of Dec 31, 2025Lincoln Plaza Fund, L.P.Redbird Capital Partners Management LLCPrivate equity$2.0B2024Disclosed holdingcalpers.ca.gov

+463 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Size and funding
39 readings
Total assets
$553B Jun 30, 2024 derived Census ASPP
$468B (2023-06) · $444B (2022-06)
Long-term investments
$531B Jun 30, 2024 reported Census ASPP
$466B (2023-06) · $427B (2022-06)
Participants
2,314,437 Jun 30, 2024 derived Census ASPP
2,233,774 (2023-06) · 2,155,896 (2022-06)
Active members
957,970 Jun 30, 2024 derived Census ASPP
924,062 (2023-06) · 884,943 (2022-06)
Beneficiaries
804,771 Jun 30, 2024 reported Census ASPP
789,016 (2023-06) · 775,285 (2022-06)
Benefits paid
$33B Jun 30, 2024 reported Census ASPP
$31B (2023-06) · $29B (2022-06)
Investment expense
$1.6B Jun 30, 2024 reported Census ASPP
$1.3B (2023-06) · $1.3B (2022-06)
Provenance
Identifiers: Census PID6 226909
Cross-graph: private equity LP tape (cited), venture LP tape (cited)
First observed Sep 15, 2026, last observed Oct 1, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.

Not yet on record: funded ratio.

Across the graphs

California Public Employees' Retirement System is the same institution as 1 record in Venture Capital.

Venture Capital1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Capital chain

California Public Employees' Retirement System sits on 1392 traced paths of capital across the graphs.

Allocator to PE fund to manager to companyAllocator to VC fund to manager to company

DFX traced 1,392 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

497 dated events on the change ledger, latest event first
  • Re up prospect resolved
    2026-09-24
  • Re up prospect resolved
    2026-09-24
  • Re up prospect
    2026-09-23

+494 more changes on this record's ledger

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

›Connections

every published relationship on the graph

+586 connections on the graph

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.