The California Public Employees' Retirement System (Calpers), the world's largest pension fund, saw its worst overall annual loss on record in 2000, in spite of achieving a 25% return on private equity and other alternative investments.
The fund was down 1.38% year-on-year. Daniel Szente, chief investment officer at Calpers, said: "Our strong performance in real estate, bonds and alternative investments enabled us to limit our losses."
