US public pension profile
Los Angeles City Fire and Police Pension System
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 30.5 billion
- Funded ratio
- 100.55%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 49.73% |
|---|---|
| Fixed income | 21.78% |
| Private equity | 16.89% |
| Real estate | 9.55% |
| Hedge funds | 0.63% |
| Cash | 1.03% |
Returns to 2025
| One year | 11.26% |
|---|---|
| Five years | 8.93% |
| Ten years | 7.98% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 11.4 billion | 23,980 | 118.90% | 8.50% |
| 2002 | USD 10.1 billion | 24,066 | 108.30% | 8.50% |
| 2003 | USD 10.2 billion | 24,472 | 104.30% | 8.50% |
| 2004 | USD 11.6 billion | 24,431 | 103.00% | 8.50% |
| 2005 | USD 11.8 billion | 24,402 | 94.10% | 8.50% |
| 2006 | USD 12.9 billion | 24,777 | 94.60% | 8.00% |
| 2007 | USD 14.8 billion | 25,277 | 99.20% | 8.00% |
| 2008 | USD 13.6 billion | 25,758 | 99.10% | 8.00% |
| 2009 | USD 10.4 billion | 26,190 | 96.20% | 8.00% |
| 2010 | USD 11.4 billion | 26,060 | 91.60% | 7.75% |
| 2011 | USD 13.5 billion | 25,883 | 86.30% | 7.75% |
| 2012 | USD 13.3 billion | 25,838 | 83.70% | 7.75% |
| 2013 | USD 14.7 billion | 25,789 | 83.10% | 7.75% |
| 2014 | USD 17.0 billion | 25,730 | 86.55% | 7.75% |
| 2015 | USD 17.3 billion | 25,773 | 91.45% | 7.50% |
| 2016 | USD 17.1 billion | 25,997 | 93.87% | 7.50% |
| 2017 | USD 19.0 billion | 26,537 | 91.52% | 7.50% |
| 2018 | USD 20.5 billion | 26,866 | 92.86% | 7.50% |
| 2019 | USD 21.3 billion | 27,155 | 93.61% | 7.25% |
| 2020 | USD 21.4 billion | 27,352 | 93.17% | 7.00% |
| 2021 | USD 27.9 billion | 26,983 | 96.84% | 7.00% |
| 2022 | USD 25.3 billion | 27,315 | 97.96% | 7.00% |
| 2023 | USD 26.4 billion | 27,478 | 99.53% | 7.00% |
| 2024 | USD 28.1 billion | 27,620 | 99.75% | 7.00% |
| 2025 | USD 30.5 billion | Not reported | 100.55% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 56.35% | 25.24% | 3.31% | 7.62% | 0.00% | 7.48% |
| 2002 | 54.95% | 27.74% | 3.52% | 7.95% | 0.00% | 5.84% |
| 2003 | 54.10% | 31.40% | 3.50% | 7.60% | 0.00% | 3.40% |
| 2004 | 60.30% | 28.00% | 3.50% | 6.70% | 0.00% | 1.50% |
| 2005 | 62.44% | 28.07% | 3.20% | 4.70% | 0.00% | 1.60% |
| 2006 | 61.30% | 26.50% | 3.70% | 6.20% | 0.00% | 2.30% |
| 2007 | 63.20% | 23.50% | 3.40% | 7.00% | 2.00% | 0.90% |
| 2008 | 60.60% | 22.90% | 4.20% | 8.40% | 3.20% | 0.70% |
| 2009 | 55.20% | 25.70% | 5.50% | 7.60% | 4.60% | 1.40% |
| 2010 | 54.20% | 25.50% | 6.80% | 7.40% | 4.40% | 1.70% |
| 2011 | 58.32% | 21.83% | 7.41% | 7.62% | 4.00% | 0.82% |
| 2012 | 53.11% | 23.38% | 8.56% | 8.87% | 4.02% | 2.06% |
| 2013 | 57.28% | 20.56% | 8.32% | 8.25% | 3.49% | 2.03% |
| 2014 | 58.11% | 20.12% | 8.22% | 9.11% | 0.00% | 3.41% |
| 2015 | 54.80% | 21.70% | 8.67% | 10.32% | 0.00% | 1.73% |
| 2016 | 51.24% | 22.93% | 9.26% | 10.83% | 0.00% | 1.80% |
| 2017 | 53.47% | 20.45% | 9.35% | 9.73% | 0.00% | 2.84% |
| 2018 | 53.00% | 19.53% | 9.90% | 8.37% | 0.00% | 4.55% |
| 2019 | 51.57% | 20.95% | 10.51% | 8.54% | 0.00% | 4.08% |
| 2020 | 50.76% | 22.54% | 11.68% | 8.02% | 0.00% | 3.01% |
| 2021 | 53.30% | 17.64% | 13.53% | 7.62% | 0.00% | 4.24% |
| 2022 | 45.36% | 19.97% | 17.36% | 13.25% | 0.00% | 2.27% |
| 2023 | 49.80% | 20.29% | 17.75% | 10.53% | 0.00% | 0.71% |
| 2024 | 48.59% | 21.42% | 17.54% | 9.72% | 0.09% | 1.80% |
| 2025 | 49.73% | 21.78% | 16.89% | 9.55% | 0.63% | 1.03% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -10.00% | 11.06% | Not reported |
| 2002 | -7.97% | 5.60% | Not reported |
| 2003 | 5.47% | Not reported | Not reported |
| 2004 | 16.92% | 3.51% | Not reported |
| 2005 | 10.07% | 2.32% | Not reported |
| 2006 | 12.48% | 7.17% | Not reported |
| 2007 | 18.50% | 12.59% | Not reported |
| 2008 | -4.58% | 10.50% | Not reported |
| 2009 | -19.97% | 2.46% | Not reported |
| 2010 | 13.91% | 2.99% | 2.69% |
| 2011 | 22.09% | 4.66% | 5.86% |
| 2012 | 1.89% | 1.54% | 6.95% |
| 2013 | 13.01% | 5.05% | 7.69% |
| 2014 | 17.84% | 13.38% | 7.49% |
| 2015 | 4.01% | 11.17% | 6.91% |
| 2016 | 0.91% | 7.17% | 5.76% |
| 2017 | 13.13% | 9.70% | 5.29% |
| 2018 | 9.21% | 9.11% | 7.06% |
| 2019 | 6.21% | 6.86% | 10.13% |
| 2020 | 3.04% | 6.63% | 9.05% |
| 2021 | 32.56% | 12.55% | 9.95% |
| 2022 | -7.23% | 8.14% | 8.93% |
| 2023 | 7.78% | 7.72% | 8.41% |
| 2024 | 9.94% | 8.47% | 7.66% |
| 2025 | 11.26% | 8.93% | 7.98% |