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Based in Sacramento, California, CalPERS manages the largest public pension fund in the United States, providing retirement and health benefits to public sector workers. The government agency operates with approximately 2,843 employees and oversees $613.7 billion in assets under management to secure long-term returns for its extensive pension obligations. Operating as the nation's second-largest purchaser of healthcare benefits, the organization serves over 2 million retirement members and 1.5 million health beneficiaries across various state, school, and municipal agencies. The fund's strategic direction and global investment initiatives, including its prominent involvement with Climate Action 100+, are guided by key leadership figures such as CEO Marcie Frost, Managing Investment Director Anton Orlich, and Investment Committee Chair David Miller. Functioning without a profit motive, CalPERS was originally established as the State Employees' Retirement System in 1932.
CalPERS operates an investment office that includes a Private Equity Program (PEP), through which it makes partnership investments in various funds.
CalPERS' headquarters are located in Sacramento, California.
CalPERS operates an investment office that includes a Private Equity Program (PEP), through which it makes partnership investments in various funds.
CalPERS' headquarters are located in Sacramento, California.
CalPERS designs and administers comprehensive retirement and health care programs for California's public workforce. The organization acts as a critical financial steward, ensuring the long-term sustainability of pension funds and facilitating access to essential health benefits. It employs sophisticated investment strategies and administrative expertise to meet its commitments to members.
The entity that became CalPERS was established in 1932 as the State Employees' Retirement System (SERS). Its formation was prompted by the need to provide structured financial security for California's public employees, a recognition of the state's responsibility to its dedicated workforce. This foundational insight led to the creation of a system designed for enduring employee support.
CalPERS primarily serves California's public employees and their beneficiaries. Its core mission is to deliver dependable retirement and health care benefits, aspiring to be a respected partner that provides sustainable programs for those who serve the state. The organization's long-term vision is centered on securing the future financial well-being of its members.
Calpers has 2 tracked investments across 1 company. The latest tracked deal is $450.0M Other Equity in Zepto in October 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Oct 16, 2025 | Zepto | $450.0M Other Equity | CalPERS | Avenir, Avra Capital, Glade Brook Capital, Lightspeed Venture Partners, Nexus Venture Partners, The Stepstone Group |
| Oct 1, 2025 | Zepto | $450.0M Series H | CalPERS | 10100, Anti Fund, Contrary Capital, General Atlantic, General Catalyst, Glade Brook Capital Partners, Goodwater Capital, LGF, Paradigm, Target Global, Venture Highway, Y Combinator, Cory Levy, Gerald Parloiu, John Collison, KEN Howery, Manik Gupta, Oliver Jung, Patrick Collison, Avenir, Avra Capital, Lightspeed Venture Partners, Nexus Venture Partners, The Stepstone Group |
