As of March 31, 2026, The Church Pension Fund (CPF) investment portfolio stood at an estimated $19.2 billion. The portfolio is designed to create long-term value, avoiding short-run speculation. The Investments team focuses on generating steady returns sufficient to meet CPF's long-term financial obligations, as benefit payments significantly exceed the pension assessments received each year. The team attempts to do so while bearing a reasonable level of risk and maintaining adequate liquidity.

The team builds the CPF portfolio with diversification across asset classes, sectors of the economy, regions, and investment managers. Most importantly, the portfolio invests across a range of assets, both public (stocks and bonds) and private (such as venture capital and real estate). Many of the investment portfolio’s holdings involve ownership stakes that tend to perform well when equity markets rise, while the fixed-income allocation provides a different kind of exposure, one likely to gain when equity markets are weak.  

Investments in real estate and private specialty strategies, such as music royalties and renewable energy projects, give the portfolio access to economic drivers not present in public equity and venture capital allocations. CPF also invests globally, with about one-third of the portfolio held outside the United States, bringing different business cycles and forms of innovation to the portfolio. Within each asset class, the Investments team hires and oversees a range of external investment managers, tapping into their specialized expertise and differing perspectives.

Over the past decade, the CPF portfolio has produced an average annualized return of 8.3%. This return exceeded CPF's investment target of consumer price inflation plus 4.5%, which measured 7.8% over the same period. CPF sets an investment return target that is consistent with the long-term spending needs of the portfolio. The 10-year portfolio return also exceeded the investment benchmark, which tracks only public markets, and reached 8.0% during this period.  

In recent years, public markets have performed strongly, while private markets have been more subdued. The pattern is not unusual: Private markets have historically moved in long, slow cycles. The Investments team expects CPF’s private holdings to create substantial value over the coming decade, and trends during 2025 suggest that private markets may have begun a new expansion cycle.
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CPF approaches socially responsible investing in ways that are compatible with its fiduciary responsibility to the beneficiaries of today and tomorrow. As part of its strategy, CPF makes impact investments, which seek competitive returns alongside positive social outcomes. In the impact space, the Investments team is currently emphasizing affordable housing, climate technology, and emerging opportunities.  

CPF also engages with companies on corporate social responsibility issues that align with long-term shareholder value. The Investments team collaborates with peers and industry working groups on SRI issues to support initiatives that promote inclusive hiring and career development among asset managers, responsible climate stewardship, human rights, and sound corporate governance. Finally, CPF examines all its investments through a lens of being a good citizen in the financial sector, seeking to support sustainable investment practices focused on long-term value creation.