US public pension profile
Los Angeles City Employees' Retirement System
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 21.2 billion
- Total membership
- 62,180
- Funded ratio
- 74.60%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 45.59% |
|---|---|
| Fixed income | 12.76% |
| Private equity | 19.14% |
| Real estate | 0.00% |
| Hedge funds | 10.01% |
| Cash | 1.12% |
Returns to 2025
| One year | 11.16% |
|---|---|
| Five years | 9.28% |
| Ten years | 7.57% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 6.5 billion | 39,019 | 108.05% | 8.00% |
| 2002 | USD 6.0 billion | 41,846 | 97.35% | 8.00% |
| 2003 | USD 6.0 billion | 42,756 | 91.38% | 8.00% |
| 2004 | USD 6.9 billion | 43,461 | 82.52% | 8.00% |
| 2005 | USD 7.4 billion | 44,081 | 77.17% | 8.00% |
| 2006 | USD 8.2 billion | 46,312 | 77.76% | 8.00% |
| 2007 | USD 9.7 billion | 48,314 | 81.69% | 8.00% |
| 2008 | USD 9.1 billion | 49,484 | 84.37% | 8.00% |
| 2009 | USD 7.1 billion | 49,610 | 79.54% | 8.00% |
| 2010 | USD 7.8 billion | 48,853 | 75.86% | 8.00% |
| 2011 | USD 9.2 billion | 48,269 | 72.37% | 7.75% |
| 2012 | USD 9.1 billion | 47,948 | 69.02% | 7.75% |
| 2013 | USD 10.2 billion | 47,602 | 68.70% | 7.75% |
| 2014 | USD 11.8 billion | 47,572 | 67.36% | 7.75% |
| 2015 | USD 12.0 billion | 48,334 | 69.35% | 7.50% |
| 2016 | USD 11.9 billion | 49,698 | 71.39% | 7.50% |
| 2017 | USD 13.3 billion | 51,690 | 71.40% | 7.25% |
| 2018 | USD 14.3 billion | 53,449 | 70.11% | 7.25% |
| 2019 | USD 14.9 billion | 55,254 | 71.27% | 7.25% |
| 2020 | USD 15.0 billion | 57,120 | 69.38% | 7.00% |
| 2021 | USD 19.0 billion | 56,835 | 71.56% | 7.00% |
| 2022 | USD 17.1 billion | 57,695 | 73.30% | 7.00% |
| 2023 | USD 18.0 billion | 59,533 | 73.10% | 7.00% |
| 2024 | USD 19.2 billion | 61,384 | 73.40% | 7.00% |
| 2025 | USD 21.2 billion | 62,180 | 74.60% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 59.00% | 32.00% | 4.00% | 4.00% | 0.00% | 1.00% |
| 2002 | 56.60% | 34.60% | 3.50% | 4.60% | 0.00% | 0.70% |
| 2003 | 62.70% | 26.80% | 3.80% | 4.50% | 0.00% | 2.20% |
| 2004 | 66.60% | 25.40% | 3.90% | 3.20% | 0.00% | 0.90% |
| 2005 | 65.80% | 26.50% | 4.90% | 2.50% | 0.00% | 0.30% |
| 2006 | 64.80% | 25.00% | 5.70% | 4.00% | 0.00% | 0.50% |
| 2007 | 65.70% | 22.40% | 6.70% | 4.50% | 0.00% | 0.70% |
| 2008 | 59.80% | 24.80% | 8.60% | 5.90% | 0.00% | 0.90% |
| 2009 | 56.80% | 27.00% | 9.30% | 6.30% | 0.00% | 0.60% |
| 2010 | 55.90% | 28.00% | 10.50% | 5.00% | 0.00% | 0.60% |
| 2011 | 58.60% | 24.60% | 10.00% | 5.30% | 0.00% | 1.50% |
| 2012 | 56.00% | 25.30% | 11.20% | 6.10% | 0.70% | 0.70% |
| 2013 | 60.00% | 22.70% | 10.00% | 5.70% | 0.80% | 0.80% |
| 2014 | 62.70% | 19.90% | 9.00% | 5.10% | 2.20% | 1.10% |
| 2015 | 57.50% | 19.80% | 9.50% | 0.00% | 4.20% | 1.20% |
| 2016 | 53.70% | 19.10% | 10.10% | 0.00% | 5.00% | 1.10% |
| 2017 | 57.50% | 17.40% | 10.00% | 0.00% | 5.00% | 0.40% |
| 2018 | 57.80% | 17.50% | 10.30% | 0.00% | 4.60% | 0.40% |
| 2019 | 55.85% | 17.33% | 11.15% | 0.00% | 5.49% | 0.32% |
| 2020 | 53.38% | 16.73% | 11.25% | 0.00% | 5.70% | 1.61% |
| 2021 | 49.54% | 15.90% | 13.49% | 0.00% | 8.32% | 1.95% |
| 2022 | 44.58% | 15.10% | 19.00% | 0.00% | 7.95% | 0.37% |
| 2023 | 45.27% | 13.79% | 18.86% | 0.00% | 8.46% | 0.82% |
| 2024 | 45.91% | 13.50% | 19.01% | 0.00% | 9.01% | 1.06% |
| 2025 | 45.59% | 12.76% | 19.14% | 0.00% | 10.01% | 1.12% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -4.20% | 8.80% | Not reported |
| 2002 | -4.80% | 4.00% | Not reported |
| 2003 | 4.50% | 3.60% | Not reported |
| 2004 | 18.60% | 4.60% | Not reported |
| 2005 | 10.00% | 4.40% | Not reported |
| 2006 | 12.40% | 7.80% | Not reported |
| 2007 | 19.50% | 12.90% | Not reported |
| 2008 | -5.70% | 10.60% | Not reported |
| 2009 | -19.60% | 2.10% | Not reported |
| 2010 | 12.90% | 2.90% | 3.64% |
| 2011 | 22.60% | 4.70% | 6.23% |
| 2012 | 1.10% | 1.20% | 6.87% |
| 2013 | 14.30% | 5.20% | 7.83% |
| 2014 | 18.40% | 13.60% | 7.81% |
| 2015 | 2.60% | 11.01% | 6.70% |
| 2016 | 0.30% | 6.82% | 5.47% |
| 2017 | 13.10% | 9.31% | 4.91% |
| 2018 | 9.20% | 8.70% | 6.82% |
| 2019 | 6.15% | 6.30% | 9.83% |
| 2020 | 1.24% | 5.98% | 8.64% |
| 2021 | 29.29% | 11.45% | 9.22% |
| 2022 | -6.86% | 7.17% | 8.33% |
| 2023 | 6.93% | 6.71% | 7.61% |
| 2024 | 8.86% | 7.25% | 6.71% |
| 2025 | 11.16% | 9.28% | 7.57% |