CalPERS Launches $600 Billion Investment Overhaul Under Stephen Gilmore
Updated
Updated · Bloomberg · Jun 10
CalPERS Launches $600 Billion Investment Overhaul Under Stephen Gilmore
1 articles · Updated · Bloomberg · Jun 10
Summary
$600 billion is now under Stephen Gilmore’s control as CalPERS begins a high-stakes investment experiment at the largest US pension fund.
Gilmore brings 40 years across global finance to the role, with experience spanning the Russian debt crisis, a major financial bailout and the rise of sovereign wealth funds.
That background also includes serving as the IMF’s representative in Tajikistan in the 1990s, where he sheltered in Dushanbe as militia forces advanced on the capital.
CalPERS CEO Marcie Frost said the breadth of that experience helps explain why Gilmore is seen as suited for what many investors regard as one of the industry’s toughest jobs.
Can CalPERS' new chief fix its reported $1.4B ESG losses amid a global crisis?
With a new war threatening the economy, can one new strategy save the nation's largest pension?
CalPERS 2026 Report: How a $600 Billion Fund’s Overhaul and Private Market Push Shape Returns, Risks, and Transparency
Overview
CalPERS has shown strong investment performance as of June 2026, especially by leading U.S. public pension funds in private equity returns for the fiscal year ending June 30, 2025. This success reflects the initial outcomes of its ongoing strategic direction. CIO Stephen Gilmore, who started in July 2024, credited the investment strategy for overcoming earlier market challenges. The CalPERS team is now focused on seizing new investment opportunities to further enhance returns and reduce costs for the Public Employees’ Retirement Fund. A comprehensive financial report, currently under review by staff and external experts, will soon provide a complete picture of these results.