As of December 31, 2025, the IPERS investment portfolio had a market value of $49.39 billion. IPERS’ investment return for the quarter was 2.38% (net of fees). Below are IPERS’ investment returns for various periods ending December 31, 2025, compared to the System’s official long-term performance objectives.
| Fiscal Year to Date* | One Year | Three Years** | Five Years | Ten Years | Twenty Years | Thirty Years | |
|---|---|---|---|---|---|---|---|
| IPERS Return | 7.22% | 13.75% | 10.86% | 7.70% | 8.98% | 7.65% | 8.30% |
| Policy Benchmark*** | 6.93% | 13.40% | 10.64% | 7.46% | 8.92% | 7.80% | 8.10% |
| CPI+3% | 1.96% | 5.76% | 6.06% | 7.60% | 6.29% | 5.60% | 5.60% |
| Actuarial Assumed Return | 3.44% | 7.00% | 7.00% | 7.00% | 7.03% | 7.26% | 7.34% |
| Median-IM All Public Funds > $1 Billion**** | 6.76% | 13.44% | 11.27% | 7.25% | 8.27% | 6.82% | 7.40% |
IPERS earned the following time-weighted returns (net of fees) by asset class for the quarter ended December 31, 2025:
| Asset class | Time-weighted returns |
|---|---|
| International Equity | 2.93% |
| Domestic Equity | 4.82% |
| Public Credit | 1.90% |
| Core Fixed Income | 1.15% |
| Global Smart Beta Equity | 2.17% |
| Cash | 2.28% |
| Private Equity | 2.50% |
| Private Credit | 1.78% |
| Private Real Assets | 1.04% |
*Fiscal Year 2026 commenced July 1, 2025.
**Returns for periods longer than one year are annualized.
***The policy benchmark is a passively managed set of market indexes, with appropriate weightings, that are reflective of IPERS' target asset allocation.
****The median return of the Investment Metrics' Universe of All Public Funds with Assets Greater than $1 billion.