This episode of MacroMatrix unpacks the California Public Employees' Retirement System (CalPERS), the US's largest public pension fund. Senior Financial Analyst Tracy dissects its over five-hundred-billion-dollar investment playbook, from asset allocation and private market shifts to performance against its crucial six-point-eight percent target. We explore CalPERS' influential environmental, social, and governance initiatives, shareholder activism, governance complexities, and its strategy for navigating climate change, artificial intelligence, and demographic shifts. Uncover the core challenge: balancing immense financial power with public purpose while ensuring retirement security for millions.