The California Public Employees’ Retirement System (CalPERS) committed $7.8 billion to private markets programs in the first quarter of 2025, according to recent investment disclosures. The allocations spanned private debt ($1 billion), private equity and venture capital ($4.9 billion), and real assets including real estate and infrastructure ($1.9 billion). 

CalPERS’ private debt program, now over $20 billion, saw early-2025 commitments to Goldman Sachs Asset Management’s West Street Climate Credit vehicle and co-investment fund, lending to businesses in clean energy and sustainable transportation. 

The $95 billion private equity portfolio continues to diversify, with significant software exposure through Thoma Bravo commitments—$350 million to Thoma Bravo XVI (North American software) and $103 million to Thoma Bravo Europe Fund—alongside $400 million to Project Quail Opportunities. Advent International also secured $700 million across co-investment strategies spanning software, business services, healthcare, industrials, and consumer sectors. 

In real assets, which total $51.6 billion, CalPERS allocated globally. BentallGreenOak Asia USD IV received $400 million for value-add opportunities in office, hospitality, and logistics across Asia-Pacific markets. A larger ticket went to Brookfield Strategic Real Estate Partners V (BSREPV), with $700 million plus a $300 million co-investment—a mandate to acquire and reposition assets in Brookfield’s core markets. 

In the second quarter, the $575 billion pension fund continued its momentum with commitments to 10 private debt funds and seven private equity funds, though managers were not disclosed in the latest reports. 

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