CalPERS turns focus to resilience as climate solutions assets hit $71bn
Sacramento-based public pension fund CalPERS has reported strong growth for its climate solutions assets as it signals renewed focus on climate resilience
CalPERS has come one step closer to meeting its target to commit $100bn into climate solutions by 2030, with assets in its climate solutions portfolio growing to $71bn as of 30 June 2026, the pension fund revealed. The fund's growth is likely to be driven by a combination of rising asset valuations and additional capital deployment, CalPERS said.
The increase in assets meant that the fund was on track to meet its target, said CEO Marcie Frost: "CalPERS remains committed to finding opportunities in climate solutions to help power future generations and provide the pension benefits that our members have earned."
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Climate mitigation has so far been a key focus point for CalPERS, with just over 85% of its climate solutions portfolio dedicated to mitigation, compared to only 10.6% invested in transition strategies and 4.2% in adaptation.
Shift to transition assets
But with the effects of climate change becoming increasingly tangible, this emphasis could change, predicts Peter Cashion, managing investment director, sustainable investments, at CalPERS: "Since the physical climate risk is likely to grow across our portfolio, our targets include investments that make assets, communities, and supply chains more resilient to a changing world."
This chimes with findings in Net Zero Investor's latest Climate Capital Allocation Index, where CalPERS scores highly both on its climate solutions commitments and on transition investing.
While the fund has not yet released a recent portfolio breakdown of its climate solutions strategy, roughly 39% was invested in public equities, a further 33% in real estate and 12% in infrastructure, according to the latest data, which covers 30 June 2025 and was released in November 2025.
CalPERS has previously committed $800m to an energy transition private credit fund managed by Goldman Sachs Asset Management.
While the pension fund has previously set an 8% allocation target to private credit, its recent move towards a Total Portfolio Approach means that this target has become more fluid, with new allocations now being judged by their contribution to the overall portfolio, rather than being designed to fill specific asset class buckets.
