CalPERS, the largest public pension fund in the United States, has continued to expand its investments in catastrophe bond and insurance-linked securities fund strategies with the combined valuation of its allocations to the asset class nearing $2.5 billion at the mid-point of 2026, an increase of around 70% just in the first-half of this year.
Recall that, the California Public Employees’ Retirement System, or CalPERS, is one of the largest institutional investors in the world, with total assets under management of around $637 billion reported at the mid-year.
The giant pension fund began allocating to insurance-linked securities during 2025, establishing a range of access points through specialist catastrophe bond and ILS funds that allowed it tap broad sources of reinsurance-linked returns.
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