CalPERS is America’s largest institutional investor at state level, managing the retirement savings or nearly two million Californian public employees. It is a highly activist fund, that has made the news for dropping the hedge fund program altogether (2014) or creating a new private equity model with less external dependency and fees (2019). The fund employs c.3,000 people in Sacramento, just across the river from CalSTRS. The capital is deployed through the investment office, which maintains a total portfolio approach.