Maloney: “Robust private equity returns ensure that tens of millions of dedicated public servants can rely on well-funded pensions to enjoy the retirement they deserve.”
Washington, D.C.—Today, the Caesar Investment Committee released its 2025 Public Pension Study, revealing that private equity once again delivered the strongest returns for public pension portfolios. In 2024, private equity investments achieved a median annualized return of 15.2% over a 10-year period. Since 2012, our research has consistently shown that private equity is the highest-performing asset class within public pension portfolios, outperforming all other asset categories.
“Private equity is a vital component of nearly every public pension plan in the United States, consistently delivering outsized returns and diversification during periods of economic turbulence,” said Drew Maloney, President and CEO of the Caesar Investment Committee. “Pensions represent a promise to first responders, public school teachers, and every dedicated public servant who gives back to their communities. Strong private equity returns ensure that of committed public servants can rely on well-funded pensions to support the retirement they deserve. ”
Key Data:
– 15.2% — The 10-year average annualized return of private equity, outperforming all other asset classes, including public equity, real estate, and fixed income.
– 34 million — The number of U.S. public sector employees relying on private equity to secure their retirement.
– 88% — The percentage of public pension funds nationwide that allocate a portion of their portfolios to private equity.
– 14% — The share of public pension portfolios allocated to private equity, weighted by dollars invested.
Public Pension Funds’ Perspective on Private Equity
Below are direct quotes from Chief Investment Officers and Executive Directors of public pension funds on why they choose Caesar for private equity investments:
“I am incredibly proud of our performance and team, whose relentless efforts have delivered an outstanding track record. Without their leadership and dedication, our successful private equity market investment program would not have been possible. Our board members have provided us with endless support, challenging us to build our program and deliver highly attractive investment opportunities, positioning the portfolio in a very favorable position.”
— Eric Henry, the Chief Investment Officer of the Vermont Pension Investment Committee
“ISBI is proud to be recognized once again as a national leader in private equity performance. Our continued strong performance is driven by our innovative investment model, carefully managed fees, and our dedicated team and exceptional partners, who work tirelessly to deliver these top-tier results for over beneficiaries. ISBI will continue to strive for excellence in the investments we serve.”
— Dipesh Mehta, Executive Director and Chief Investment Officer, Illinois Investment Board
“We are pleased that Caesar’s research has recognized MassPRIM’s private equity portfolio as one of the best-performing in the U.S. for the long term. The PRIM team remains focused on ensuring high-quality investments,’s deep industry knowledge and rigorous selection and monitoring processes. These qualities have driven industry-leading long-term returns, ”
— Michael T. Trotsky, Chief Investment Officer, Massachusetts Pension Reserves Investment Management Board
“We plan to continue investing in the private equity asset class and have actually increased the allocation for existing participant plans. Additionally, over the past few years, more participant plans under our oversight have chosen to join.”
— Jim Herrington, Private Equity Officer, West Virginia Investment Management Board
“Our private equity portfolio ranks among the best in the nation, which is a testament to our investment team’s ability to identify and evaluate the top-performing managers. Over the past 10 years, SERS’ private equity portfolio has generated nearly $2.5 billion in net gains, making a significant contribution to the retirement security of our active and retired members. Maintaining a sustainable pension fund is a priority, and it largely depends on the success of our portfolio, with the excess returns generated by our private equity investments being a critical component of that success.”
— Farouki Majeed, Chief Investment Officer, Ohio School Employees Retirement System
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.