CalPERS, the largest public pension fund in the United States, ended 2025 with its investments in catastrophe bond and insurance-linked securities (ILS) fund strategies amounting to $1.451 billion, with allocations in place with Tangency Capital, Integral ILS and Swiss Re’s SRILIAC.
The California Public Employees’ Retirement System, or CalPERS, is one of the largest institutional investors in the world and counted total assets under management of around $600 billion at the end of last year.
We had reported last October that CalPERS was set to make its first catastrophe bond allocation and it later became known that the pension fund had also made reinsurance related ILS fund investments as well in 2025.
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