Calpers shifts focus from big tech to private equity
California's pension fund is reducing big tech exposure in favor of private equity as investors question AI spending returns.
California's pension fund Calpers is pulling back from big tech investments. The fund is shifting its investment focus toward private equity. This move occurs while investors are questioning tech valuations and the payoff from soaring AI spending.
The article was published on October 26, 2026. The shift reflects broader market concerns regarding the financial outcomes of artificial intelligence expenditures. Calpers is adjusting its portfolio strategy in response to these questions about valuation and return on investment.
No further details were provided regarding specific holdings or the timeline for the transition. The fund's decision highlights a growing scrutiny of technology sector performance amidst high spending on AI infrastructure.
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