全球公共养老金研究系列（五）：美国CalPERS：资产负债管理的平衡术

Investment Rating - The report does not explicitly provide an investment rating for the industry or CalPERS Core Insights - The report focuses on the California Public Employees' Retirement System (CalPERS), highlighting its development history, operational management, investment strategies, asset allocation preferences, and sustainable investment practices [6][14][20]. Summary by Sections 1. Background and Overview - CalPERS was established in 1932 to provide retirement pensions for state government employees and has since expanded to cover various public sector workers. As of the end of the 2024 fiscal year, CalPERS manages net assets of $506.6 billion, with a compound annual growth rate of approximately 7.3% from 1997 to 2024 [6][20][24]. 2. Investment Strategy - CalPERS employs an Asset Liability Management (ALM) framework to balance future pension payment costs with investment returns. This includes asset and liability reviews and the determination of discount rates [6][27]. - The investment strategy is diversified across equities, bonds, and alternative assets, with a focus on domestic investments in stocks and a growing allocation to private equity and infrastructure [6][24][27]. 3. Risk Management - CalPERS has established a comprehensive risk management framework that includes pre-control, monitoring, and post-reporting mechanisms to manage various investment risks such as custody, concentration, interest rate, credit, and foreign exchange risks [6][29]. 4. Sustainable Investment - CalPERS integrates ESG factors into its investment strategy, committing to invest over $100 billion in climate solutions by 2030 and aiming to reduce the portfolio's emission intensity by over 50% [6][7][24]. 5. Lessons Learned - The report identifies key lessons from CalPERS' operations, including the importance of liability management, comprehensive information disclosure, a robust risk management framework, and rich experience in sustainable investment practices [6][7][24].