CalPERS lost 71% of the $468mil it invested in clean energy. Now, it won’t say how.

By Kenneth Schrupp

The California Public Employees’ Retirement System for state employees lost 71% of its $468 million investment in a clean energy and technology private equity fund, state records show, but CalPERS won’t explain how.

These losses are a major problem for California taxpayers, who at least for now are the backstop for underfunded state pensions, but also for state employees who trust CalPERS to responsibly manage their retirement plans.

The big picture: CalPERS says its pension benefits are only 79% funded, leaving the state, and its taxpayers, on the hook for the other 21%. According to a recent report from Reason Foundation, CalPERS’ pension shortfall is approximately $180 billion. • CalPERS’ overall returns for the 2024-2025 fiscal year were 11.6%. While its private