Last week, Equable released an issue brief estimating the total losses of the Top 25 pension investment funds in 2025 (through April 8th), following the Trump administration’s announcement of near-universal global tariffs. Today, we’re releasing a breakdown of performance by fund for the trading days occurring between April 2nd – 11th, 2025.
Through April 11th, the total losses this year for the top 25 pension investment funds are $140.7 billion, of which $67 billion has been since April 2nd. These 25 investment funds represent represent two-thirds of total assets for state and local plans and cover 63 major public plans. Below, is a breakdown of losses by fund.
Estimated Losses in 2025 for State and Local Pension Investment Funds (Data Through April 11th, 2025)
| State & Local Pension Investment Fund | Estimated Losses in Public Equities Since Dec. 31, 2024 | Estimated Losses in Public Equities Since April 2, 2025 | Percentage of Assets in Equities, as of Dec. 31, 2024 |
|---|---|---|---|
| California Public Employees Retirement Fund | $ 16,520,000,000.00 | $ 10,889,000,000.00 | 39.4% |
| California State Teachers’ Retirement System | $ 11,202,000,000.00 | $ 7,485,000,000.00 | 40.5% |
| New York State Common Fund | $ 9,861,000,000.00 | $ 3,526,000,000.00 | 40.9% |
| New York City Public Pension Funds | $ 9,351,000,000.00 | $ 6,042,000,000.00 | 41.0% |
| Florida Retirement System Trust (State Board of Administration) | $ 8,647,000,000.00 | $ 5,078,000,000.00 | 48.2% |
| Texas Teachers Retirement System | $ 7,343,000,000.00 | $ 2,626,000,000.00 | 39.9% |
| New York State Teachers’ Retirement System | $ 6,740,000,000.00 | $ 2,410,000,000.00 | 52.1% |
| Wisconsin Investment Board | $ 4,185,000,000.00 | $ 1,496,000,000.00 | 37.0% |
| Washington State Investment Board | $ 4,045,000,000.00 | $ 1,446,000,000.00 | 26.8% |
| North Carolina Total Retirement Plans (Treasurer of State of North Carolina) | $ 4,592,000,000.00 | $ 1,642,000,000.00 | 41.2% |
| Ohio Public Employees’ Retirement System | $ 3,779,000,000.00 | $ 1,351,000,000.00 | 41.2% |
| Division of Investment Services of Georgia Teachers Retirement System | $ 8,851,000,000.00 | $ 3,165,000,000.00 | 76.1% |
| Virginia Retirement System | $ 3,357,000,000.00 | $ 1,200,000,000.00 | 32.6% |
| New Jersey Common Pension Fund A & Fund D (New Jersey Department of Investment) | $ 2,969,000,000.00 | $ 1,699,000,000.00 | 46.5% |
| Ohio State Teachers’ Retirement System | $ 4,276,000,000.00 | $ 2,415,000,000.00 | 47.8% |
| University of California Retirement System | $ 7,545,000,000.00 | $ 3,210,000,000.00 | 61.6% |
| Minnesota State Board of Investment | $ 4,332,000,000.00 | $ 1,549,000,000.00 | 50.9% |
| Oregon Public Employees Retirement System (Oregon Investment Council) | $ 1,633,000,000.00 | $ 584,000,000.00 | 19.5% |
| State of Michigan Retirement System (Michigan Department of Treasury) | $ 3,308,000,000.00 | $ 1,183,000,000.00 | 34.1% |
| Massachusetts Pension Reserves Investment Management | $ 3,668,000,000.00 | $ 2,270,000,000.00 | 39.4% |
| Los Angeles County Employees Retirement Association | $ 4,095,000,000.00 | $ 2,051,000,000.00 | 49.1% |
| Pennsylvania Public School Employees’ Retirement System | $ 1,892,000,000.00 | $ 676,000,000.00 | 27.7% |
| Colorado Public Employees Retirement Association | $ 3,260,000,000.00 | $ 1,165,000,000.00 | 55.6% |
| Illinois State Teachers’ Retirement System | $ 3,279,000,000.00 | $ 1,172,000,000.00 | 50.9% |
| Maryland State Retirement and Pension System | $ 1,960,000,000.00 | $ 701,000,000.00 | 32.0% |
These are estimated losses in the public equities holdings of pension investment funds, and do not reflect losses or gains in other asset classes. The estimates are based on the most recent public reports for each fund, so if there were portfolio reallocations, purchases, or sales in the days or weeks leading up to the market crashes following April 2’s announcement then that would not be reflected in our estimate.
For reference, the table below details important information and toplines on the funds measured in this data including last publicly reported asset value and the plans covered.
State and Local Pension Investment Fund Management Details
| State & Local Pension Investment Fund | Investment Asset Value as of Most Recent Public Report | Most Recent Publicly Reported Asset Measurement Date | Fund Type | Pension Plans Commingling Assets |
|---|---|---|---|---|
| California Public Employees Retirement Fund | $ 533,200,000,000.00 | 2025-02-28 | System Trustees | CalPERS |
| California State Teachers’ Retirement System | $ 352,700,000,000.00 | 2025-02-28 | System Trustees | CalSTRS |
| New York State Common Fund | $ 273,400,000,000.00 | 2024-12-31 | Comptroller/Treasurer | NY SLRS ERS, NY SLRS PFRS |
| New York City Public Pension Funds | $ 284,274,720,000.00 | 2025-01-31 | Comptroller/Treasurer | NYC BERS, NYC ERS, NYC Police, NYC Fire, NYC Teachers |
| Florida Retirement System Trust (State Board of Administration) | $ 204,873,694,918.00 | 2025-01-31 | Investment Agency/Commission | FRS |
| Texas Teachers Retirement System | $ 83,351,061,077.43 | 2024-09-30 | System Trustees | TX TRS |
| New York State Teachers’ Retirement System | $ 146,847,391,000.00 | 2024-12-31 | System Trustees | NY STRS |
| Wisconsin Investment Board | $ 128,393,000,000.00 | 2024-12-31 | Investment Agency/Commission | WRS |
| Washington State Investment Board | $ 171,340,687,178.00 | 2024-12-31 | Investment Agency/Commission | WA PERS 1, WA PERS 2/3, WA SPRS 1/2, WA LEOFF Plan 2, WA TRS 1, WA LEOFF Plan 1, WA PSERS 2, WA TRS 2/3, WA SERS 2/3 |
| North Carolina Total Retirement Plans (Treasurer of State of North Carolina) | $ 126,503,480,000.00 | 2024-12-31 | Comptroller/Treasurer | NC TSERS, NC LGERS |
| Ohio Public Employees’ Retirement System | $ 104,100,000,000.00 | 2024-12-31 | System Trustees | OH PERS |
| Division of Investment Services of Georgia Teachers Retirement System | $ 100,465,507,040.13 | 2024-06-30 | System Trustees | GA TRS, GA ERS |
| Virginia Retirement System | $ 116,900,000,000.00 | 2024-12-31 | Statewide system trustees | VA SPORS, VA LORS, VA RS-S, VA JRS, VA RS-T, VA RS-L |
| New Jersey Common Pension Fund A & Fund D (New Jersey Department of Investment) | $ 71,033,770,000.00 | 2025-01-31 | Investment Agency/Commission | NJ PERS-S, NJ PERS-L, NJ PFRS-S, NJ PFRS-L, NJ SPRS, NJ TPAF |
| Ohio State Teachers’ Retirement System | $ 97,711,471,293.00 | 2025-02-28 | System Trustees | OH STRS |
| University of California Retirement System | $ 102,200,000,000.00 | 2025-01-31 | System Trustees | CA URS |
| Minnesota State Board of Investment | $ 96,601,000,000.00 | 2024-12-31 | Investment Agency/Commission | MN PEPFP, MN TRA, MN SERF, MN GERF |
| Oregon Public Employees Retirement System (Oregon Investment Council) | $ 95,073,570,268.00 | 2024-12-31 | Investment Agency/Commission | OR PERS |
| State of Michigan Retirement System (Michigan Department of Treasury) | $ 110,100,000,000.00 | 2024-12-31 | Comptroller/Treasurer | MI PSERS, MI PSERS PPP, MI PSERS PPP2, MI SERS, MI SPRS |
| Massachusetts Pension Reserves Investment Management | $ 111,714,566,000.00 | 2025-02-28 | Investment Agency/Commission | MA TRS, MA SERS |
| Los Angeles County Employees Retirement Association | $ 82,245,000,000.00 | 2025-01-31 | System Trustees | LA County ERS |
| Pennsylvania Public School Employees’ Retirement System | $ 77,523,938,735.00 | 2024-12-31 | System Trustees | PA PSERS |
| Colorado Public Employees Retirement Association | $ 66,545,588,000.00 | 2024-12-31 | System Trustees | CO PERA State, CO PERA Judges, CO PERA DPS, CO PERA Local, CO PERA Schools |
| Illinois State Teachers’ Retirement System | $ 73,125,200,000.00 | 2024-12-31 | System Trustees | IL TRS |
| Maryland State Retirement and Pension System | $ 69,527,582,727.00 | 2024-12-31 | Statewide system trustees | MD ECS, MD TCS |
