CalPERS, the $640bn California public pension fund, is reducing its exposure to America’s largest technology companies and increasing its allocation to private equity, according to a report by the FT.
“We have traded large exposure to seven companies for several hundred companies,” Anton Orlich, CalPERS’ deputy chief investment officer, told the FT. “We are diversifying our equity risk. We are less concentrated.”
The move runs against recent performance. The S&P 500 returned about 65% including dividends in the three years to March 2026, while a US private equity index compiled by Cambridge Associates returned 24% over the same period. Private equity managers have also struggled to sell or list their portfolio companies.
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Source: PE Insights · Summarized by HeadlinesBriefing