The California Public Employees' Retirement System (CalPERS) is a state owned investment manager. The firm provides a variety of retirement and health benefit programs and services, and administers other programs dedicated to protecting the financial security of its members. It also provides administrative support services; real estate asset management; real estate acquisitions and mortgage management; external management services; corporate relations; and internal research services. The firm provides its services to public employees, retirees, and families. It manages equity, fixed income, alternative portfolios, and hedge funds for its clients. The firm invests in the public equity, fixed income, and hedging markets of the United States and across the globe. It also invests in cash equivalents and real estate. The firm invests in emerging markets and small-cap companies for its externally and internally managed equity portfolios. It makes its domestic fixed income investments in investment grade securities that are rated at least Baa3 by Moody’s or BBB- by S&P or Fitch Ratings. For its global fixed income investments, the firm invests in securities with a minimum rating of Ba3 by Moody’s or BB- by S&P or Fitch Ratings. It specializes in private equity financing making partnership, direct, and fund-of-funds investments. The firm seeks to invest in companies engaged in the exploration, extraction, accumulation, generation, movement, or sale of energy (i.e. oil, gas, coal, and electricity) and other natural resources and other related service companies. It also considers investments in alternative and renewable energy (clean energy), water technologies (clean water), advanced materials or nanotechnology (clean material), air purification technologies (clean air), transitional infrastructure, and other environmental technology opportunities. The firm provides corporate restructuring, venture capital, management buyout, leveraged buyout, equity buyouts, turnarounds, buy and build, growth and expansion capital, mezzanine debt, and acquisition financing to create its alternative investment portfolio. It also invests in distresses securities and special and turnaround situations. CalPERS was established in 1932 and is based in Sacramento, California with additional offices in San Francisco, California; Glendale, California; San Bernardino, California; San Diego, California; San Jose, California; Orange, California; and Fresno, California.