Calpers, the California Public Employees’ Retirement System, is cutting direct exposure to the “Big Tech Seven” and increasing private-equity exposure, according to a Financial Times report cited by BlockBeats. The shift is intended to reduce concentration in public equities.
Direct holdings cut by 26%
Regulatory filings indicate that Calpers reduced its direct holdings of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla by 26% in the first half of 2026. The fund instead spread investments across hundreds of companies.
Private markets seen as a buffer
Deputy chief investment officer Anton Orlich confirmed the allocation direction. He said public-equity valuations and concentration were high, while private-company pricing could be more attractive and provide some buffer during a public-market downturn.
Calpers reported $637.1 billion in assets as of June 30 and a preliminary 14.8% net investment return for the prior 12 months. The reported allocation figures and return are attributed to the cited filings and fund data.