CalPERS is restructuring management of its $625.7 billion pension fund around a total portfolio approach, marking a historic shift in how the system allocates risk and capital.
The overhaul replaces a more siloed asset-class framework with a fundwide view, aiming to make investment decisions across the entire portfolio rather than within separate buckets.
Key milestones in the transition show the change has been years in the making, underscoring how deeply the new model will reshape governance, portfolio construction and execution.
The move comes as large pension investors face pressure to improve flexibility and liquidity management, with Ohio State Teachers still prioritizing liquidity amid ongoing cash-flow strains.