The California Public Employees’ Retirement System (CalPERS) for state employees lost 71 percent of a $468 million private equity investment into clean energy.

Because CalPERS pension benefits are only 79 percent funded, the California taxpayer and state government have to make up for the other 21 percent. With a high pension shortfall of $180 billion, CalPERS’ investment strategies into private equity have come under scrutiny, per The Center Square:

CalPERS committed $465 million to the private equity CalPERS Clean Energy & Technology Fund (CETF) in 2007, ultimately paying in $468,423,814.

Since then, the cash out and remaining investment value of the investment fund has declined to $138,045,373, as of March 31,2025.

That’s a loss of 71 percent, or more than $330 million, for wh

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