Ranked: The World's Largest Pension Managers 🌳

What we’re showing
This graphic ranks the world’s 10 largest public pension managers, based on Jan 2025 data from Global SWF.
Japan’s $1.6T fund
The Government Pension Investment Fund (GPIF) is the world’s largest pool of retirement savings.
The fund follows a 50/50 equity to fixed-income ratio, with an allowed deviation of +/- 11%. Within each side, the fund aims for an even split of domestic and foreign securities.
According to Investopedia, the majority of GPIF assets are passively invested.
U.S. funds claim 3 spots
Three U.S. pension funds are featured in this top 10 ranking:
- Federal Retirement Thrift Investment Board (FRTIB)
- California Public Employees' Retirement System (CalPERS)
- California State Teachers Retirement System (CalSTRS)
The FRTIB manages the Thrift Savings Plan (TSP), a defined-contribution plan for U.S. civil service employees, including those in the military.
The next two are both located in California, providing retirement benefits to various public employees including teachers, legislators, police, and firefighters.