Assets in the giant California Public Employees’ Retirement System pension fund now exceed US$200 billion, the fund announced Monday.

“It took 64 years to break US$100 billion, but only nine years to double those assets,” said Rob Feckner, president of CalPERS Board of Administration. “We’re gaining momentum, year by year. And every dollar earned is a dollar saved for our 1.4 million members and their employers.”

CalPERS reached its peak fund size on Nov. 21, with a net asset value of $200.1 billion, to retain its position as the largest public pension fund in the U.S. It is also one of the highest ranking among the world’s top funds.

When the System began operations in 1932, its assets were valued at US$800,000. On May 14, 1996, the portfolio value topped US$100 billion. About 80% of current assets are generated by investment returns, while the remainder comes from employers and employees. Excluding investment earnings, employer contributions account for about 64% of other CalPERS assets, while employees provide about 36%.

The System earned a 12.7% return on investments for the 12-month period that ended June 30, compared with 16.7% in the previous fiscal year. Approximately 66% of CalPERS assets are allocated to equities — U.S. stocks, international stocks, and private equity investments. About 26% of assets are in fixed income (bond) instruments, and 8% is invested in real estate.

CalPERS also announced Monday it has retained Fiderion Financial Services Group to conduct a global search for the pension fund’s new chief investment officer. The search is expected to be complete in the next six to eight months.

The CIO is responsible for the day-to-day operations of a 180-member investment staff and a diversified investment portfolio. The CIO position was left vacant last month when Mark Anson stepped down to become CEO of Hermes, a London-based institutional fund manager.

Last month, CalPERS named Anne Stausboll as interim CIO to run day-to-day operations until a new CIO is found.