As of September 30, 2025, the IPERS investment portfolio had a market value of $48.54 billion. IPERS’ investment return for the quarter was 4.72% (net of fees). Below are IPERS’ investment returns for various periods ending September 30, 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 | 4.72% | 10.14% | 11.61% | 9.18% | 8.95% | 7.68% | 8.39% |
| Policy Benchmark*** | 4.56% | 9.89% | 11.42% | 8.95% | 8.90% | 7.81% | 8.16% |
| CPI+3% | 1.44% | 6.10% | 6.14% | 7.66% | 6.26% | 5.56% | 5.61% |
| Actuarial Assumed Return | 1.71% | 7.00% | 7.00% | 7.00% | 7.04% | 7.27% | 7.35% |
| Median-IM All Public Funds > $1 Billion**** | 4.34% | 9.90% | 12.30% | 8.90% | 8.21% | 6.76% | 7.56% |
IPERS earned the following time-weighted returns (net of fees) by asset class for the quarter ended September 30, 2025:
| Asset class | Time-weighted returns |
|---|---|
| International Equity | 7.36% |
| Domestic Equity | 8.49% |
| Public Credit | 3.11% |
| Core Fixed Income | 2.04% |
| Global Smart Beta Equity | 4.21% |
| Cash | 5.13% |
| Private Equity | 5.12% |
| Private Credit | 1.95% |
| Private Real Assets | 0.40% |
*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.