Stephen Gilmore Takes Charge of CalPERS' $600 Billion Portfolio
Updated
Updated · Bloomberg · Jun 10
Stephen Gilmore Takes Charge of CalPERS' $600 Billion Portfolio
2 articles · Updated · Bloomberg · Jun 10
Summary
$600 billion in assets is now under Stephen Gilmore’s control at CalPERS, giving the veteran financier one of investing’s most closely watched mandates.
CalPERS is the largest pension fund in the US, and the role is widely seen as among the industry’s toughest because of the scale and scrutiny attached to its portfolio decisions.
Gilmore brings roughly 40 years of experience across global finance, including the Russian debt crisis, a major financial-sector bailout and the rise of sovereign wealth funds.
His career also included serving as the IMF’s representative in Tajikistan in the 1990s, where he sheltered in Dushanbe as militia forces advanced on the capital.
Will CalPERS's radical investment 'experiment' become a new model for US pensions or a cautionary tale?
Can CalPERS's new strategy succeed amid serious allegations of secrecy and conflicts of interest?
CalPERS’ $556 Billion Turnaround: Private Markets, Total Portfolio Approach, and the Future of California’s Pension Giant
Overview
CalPERS has achieved a strong financial turnaround under new leadership, managing $556.2 billion in assets by June 2025 and reporting double-digit returns across public equity, private equity, and private debt portfolios. This robust performance, especially in private equity—which delivered nearly 12% annual returns over the past decade—has improved the fund’s overall funding status. The positive results have been recognized by board members and have positioned CalPERS as a top performer among U.S. public pension funds. These achievements reflect a strategic shift towards private markets and a more holistic investment approach, supporting long-term growth and sustainability.