Asset Classes
Overview
Strategic asset allocation is the most significant factor influencing long-term investment performance and asset volatility. As a long-term investor, PERA will invest across a wide spectrum of investments in a prudent manner.
As of March 31, 2026
Global Equity
Colorado PERA invests in stocks issued by domestic and international companies. Stock investments represent an important source of long-term growth for the overall portfolio.
External Managers
- Acadian Asset Management
- Baillie Gifford Overseas Limited
- BlackRock
- Mondrian Investment Partners Limited
- Schroder Investment Management
- William Blair & Company
As of March 31, 2026
PERA Investment Team: Global Equity
| Number of Staff | 13 |
| Average Investment Management Experience | 23 years |
| Average Tenure at Colorado PERA | 14 years |
| Degrees | 13 bachelor’s degrees 7 master’s degrees |
| Certifications | 13 CFA Charterholders 1 CPA Credential 1 CFE Credential 1 FSA Credential |
| Unique Industry Experience | Internal active strategies and external manager selection Equity trading Economics and accounting |
Fixed Income
PERA invests in bonds primarily issued by U.S. and foreign governments, government entities, and corporations. The bonds that PERA owns are generally high quality, although PERA may have a modest exposure to emerging market and high-yield bonds. Bond investments represent an important source of interest income and cash flow for the Plan. The portfolio is 100% internal active management.
PERA’s Top Ten Bond Holdings by Fair Value as of December 31, 2025
(In thousands of dollars, does not include defined contribution plans or commingled funds)
| Bond Holdings | Par Value | Bonds | Fair Value |
|---|---|---|---|
| 1. | $434,027 | US Treasury Notes, 3.500%; Due 12/15/28 | $433,688 |
| 2. | $277,431 | US Treasury Notes, 3.375%; Due 11/30/27 | $276,933 |
| 3. | $271,267 | FNMA TBA, 2.000%; Due 1/14/56 | $219,588 |
| 4. | $191,366 | FHLMC, 4.530%; Due 10/25/35 | $191,723 |
| 5. | $167,692 | US Treasury Notes, 4.125%; Due 11/30/31 | $170,430 |
| 6. | $152,896 | US Treasury Notes, 3.625%; Due 10/31/30 | $152,394 |
| 7. | $138,099 | FNMA TBA, 5.000%; Due 1/14/56 | $137,868 |
| 8. | $138,099 | US Treasury Notes, 3.500%; Due 10/31/27 | $138,148 |
| 9. | $138,099 | US Treasury Notes, 3.750%; Due 11/30/32 | $136,718 |
| 10. | $133,167 | US Treasury Notes, 3.625%; Due 8/31/30 | $132,808 |
As of March 31, 2026
PERA Investment Team: Fixed Income
| Number of Staff | 7 |
| Average Investment Management Experience | 20 years |
| Average Tenure at Colorado PERA | 12 years |
| Degrees | 7 bachelor’s degrees 5 master’s degrees |
| Certifications | 4 CFA Charterholders |
| Unique Industry Experience | Sell-side trading Credit ratings Other public pension funds |
Private Equity
PERA invests in private equity, venture capital, and special situation partnerships. PERA will also consider co-investments with private equity sponsors on a limited basis. The Private Equity program’s objective is to generate investment returns in excess of the publicly traded markets as well as to deliver investment returns that rank highly against the private market opportunity set.
As of December 31, 2025
PERA Investment Team: Private Equity
| Number of Staff | 6 |
| Average Investment Management Experience | 24 years |
| Average Tenure at Colorado PERA | 18 years |
| Degrees | 6 bachelor’s degrees 5 master’s degrees |
| Certifications | 1 CFA Charterholder 1 CAIA Charterholder |
| Unique Industry Experience | Listed and unlisted equities Investment banking Investment consulting |
Real Estate
PERA invests in office buildings, apartments, industrial buildings, and other types of commercial real estate around the world. PERA’s real estate investments produce stable income and the opportunity for capital appreciation.
As of December 31, 2025
PERA Investment Team: Real Estate
| Number of Staff | 4 |
| Average Investment Management Experience | 18 years |
| Average Tenure at Colorado PERA | 10 years |
| Degrees | 4 bachelor’s degrees 2 master’s degrees |
| Certifications | 1 CFA Charterholder |
| Unique Industry Experience | Acquisition experience Construction/development Portfolio management |
Alternatives
Alternatives is comprised of liquid and illiquid investments including private credit and real assets. The Alternatives asset class diversifies the PERA portfolio and is designed to remain relatively unaffected when markets become volatile due to its lower correlation with traditional asset classes.
As of March 31, 2026
PERA Investment Team: Alternatives
| Number of Staff | 4 |
| Average Investment Management Experience | 19 years |
| Average Tenure at Colorado PERA | 11 years |
| Degrees | 4 bachelor’s degrees 3 master’s degrees |
| Certifications | 3 CFA Charterholders 3 CAIA Charterholders |
| Unique Industry Experience | Multi-asset strategies Pension fund asset allocation Investment consulting |
