$625.7 billion CalPERS has finished a multiyear overhaul that shifts management of its pension assets to a total portfolio approach.
The change replaces a more siloed asset-class framework with an investment model that evaluates the whole fund together, marking a historic restructuring of how the system allocates risk and capital.
The report traces key milestones on CalPERS' road to the new model and highlights the move as one of the most significant changes in the fund's management structure.
The overhaul lands as public pension funds weigh return assumptions and portfolio resilience, putting CalPERS at the center of a broader debate over how large retirement systems should invest.