US public pension profile
Los Angeles County Employees Retirement Association
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 86.2 billion
- Total membership
- 198,437
- Funded ratio
- 82.00%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 30.50% |
|---|---|
| Fixed income | 17.40% |
| Private equity | 15.80% |
| Real estate | 5.30% |
| Hedge funds | 20.00% |
| Cash | 1.70% |
Returns to 2025
| One year | 9.70% |
|---|---|
| Five years | 9.80% |
| Ten years | 7.90% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 28.4 billion | 137,963 | 100.00% | 8.00% |
| 2002 | USD 26.0 billion | 141,496 | 99.40% | 8.00% |
| 2003 | USD 26.2 billion | 141,386 | 87.20% | 8.00% |
| 2004 | USD 29.5 billion | 141,126 | 82.80% | 7.75% |
| 2005 | USD 32.0 billion | 143,133 | 85.80% | 7.75% |
| 2006 | USD 35.2 billion | 147,081 | 90.50% | 7.75% |
| 2007 | USD 40.9 billion | 151,399 | 93.80% | 7.75% |
| 2008 | USD 38.7 billion | 158,676 | 94.50% | 7.75% |
| 2009 | USD 30.5 billion | 160,701 | 88.90% | 7.75% |
| 2010 | USD 33.4 billion | 160,604 | 83.30% | 7.75% |
| 2011 | USD 39.5 billion | 160,115 | 80.60% | 7.70% |
| 2012 | USD 38.3 billion | 160,811 | 76.10% | 7.60% |
| 2013 | USD 41.8 billion | 161,950 | 75.00% | 7.50% |
| 2014 | USD 47.7 billion | 164,366 | 79.46% | 7.50% |
| 2015 | USD 48.8 billion | 167,409 | 83.30% | 7.50% |
| 2016 | USD 47.8 billion | 170,885 | 79.35% | 7.25% |
| 2017 | USD 52.7 billion | 174,778 | 79.87% | 7.25% |
| 2018 | USD 56.3 billion | 178,260 | 80.60% | 7.25% |
| 2019 | USD 58.3 billion | 181,260 | 77.20% | 7.00% |
| 2020 | USD 58.5 billion | 184,288 | 76.35% | 7.00% |
| 2021 | USD 73.0 billion | 185,786 | 79.26% | 7.00% |
| 2022 | USD 70.3 billion | 187,157 | 79.60% | 7.00% |
| 2023 | USD 73.9 billion | 190,327 | 79.88% | 7.00% |
| 2024 | USD 79.2 billion | 194,724 | 80.87% | 7.00% |
| 2025 | USD 86.2 billion | 198,437 | 82.00% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 49.00% | 33.00% | 5.00% | 13.00% | 0.00% | 0.00% |
| 2002 | 49.00% | 34.00% | 5.00% | 12.00% | 0.00% | 0.00% |
| 2003 | 50.00% | 32.00% | 5.00% | 13.00% | 0.00% | 0.00% |
| 2004 | 56.00% | 28.00% | 5.00% | 11.00% | 0.00% | 0.00% |
| 2005 | 54.00% | 29.00% | 6.00% | 11.00% | 0.00% | 0.00% |
| 2006 | 53.50% | 30.20% | 6.20% | 10.10% | 0.00% | 0.00% |
| 2007 | 53.00% | 29.00% | 7.00% | 10.00% | 0.00% | 0.00% |
| 2008 | 49.00% | 31.00% | 8.00% | 10.00% | 0.00% | 0.00% |
| 2009 | 48.00% | 32.00% | 9.00% | 10.00% | 0.00% | 0.00% |
| 2010 | 49.00% | 30.00% | 10.00% | 9.00% | 0.00% | 0.00% |
| 2011 | 51.00% | 28.00% | 10.00% | 8.00% | 0.00% | 0.00% |
| 2012 | 49.00% | 28.00% | 10.00% | 10.00% | 1.00% | 0.00% |
| 2013 | 50.00% | 27.00% | 9.00% | 10.00% | 1.00% | 0.00% |
| 2014 | 52.00% | 25.00% | 8.00% | 10.00% | 1.00% | 0.00% |
| 2015 | 51.20% | 25.50% | 8.80% | 11.20% | 1.20% | 0.00% |
| 2016 | 47.30% | 26.20% | 9.30% | 12.70% | 2.60% | 0.00% |
| 2017 | 48.50% | 25.70% | 9.30% | 11.80% | 2.70% | 0.00% |
| 2018 | 46.30% | 25.00% | 10.30% | 11.20% | 2.90% | 1.80% |
| 2019 | 42.20% | 27.70% | 9.60% | 10.80% | 4.40% | 0.90% |
| 2020 | 35.70% | 30.00% | 10.90% | 9.30% | 5.10% | 1.60% |
| 2021 | 37.00% | 26.60% | 13.80% | 7.10% | 6.20% | 2.00% |
| 2022 | 30.30% | 15.10% | 18.30% | 7.70% | 17.10% | 1.50% |
| 2023 | 33.40% | 13.50% | 18.30% | 7.00% | 17.50% | 1.50% |
| 2024 | 35.00% | 14.00% | 16.40% | 5.60% | 19.10% | 1.60% |
| 2025 | 30.50% | 17.40% | 15.80% | 5.30% | 20.00% | 1.70% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -5.20% | 10.90% | Not reported |
| 2002 | -5.60% | 6.20% | Not reported |
| 2003 | 3.60% | 3.80% | Not reported |
| 2004 | 16.50% | 4.50% | Not reported |
| 2005 | 11.00% | 3.70% | Not reported |
| 2006 | 13.00% | 7.40% | Not reported |
| 2007 | 18.80% | 12.20% | Not reported |
| 2008 | -1.50% | 11.20% | Not reported |
| 2009 | -18.30% | 3.60% | Not reported |
| 2010 | 11.60% | 3.80% | 3.75% |
| 2011 | 20.20% | 5.10% | 6.24% |
| 2012 | 0.10% | 1.50% | 6.87% |
| 2013 | 11.90% | 4.20% | 7.70% |
| 2014 | 16.50% | 11.80% | 7.70% |
| 2015 | 4.10% | 10.30% | 7.01% |
| 2016 | 0.80% | 6.50% | 5.79% |
| 2017 | 12.70% | 9.00% | 5.20% |
| 2018 | 9.00% | 8.50% | 6.30% |
| 2019 | 6.40% | 6.50% | 9.10% |
| 2020 | 1.80% | 6.10% | 8.20% |
| 2021 | 25.20% | 10.80% | 8.60% |
| 2022 | 0.10% | 8.10% | 8.60% |
| 2023 | 6.40% | 7.60% | 8.10% |
| 2024 | 9.10% | 8.20% | 7.40% |
| 2025 | 9.70% | 9.80% | 7.90% |