CalPERS portfolio has lost $81 billion, or 31.8%, since its peak in November 2007 of $255 billion. According to a press release from July 2007:
For the fourth straight year, annual returns were in the double-digits to raise the 10-year average to 9.1 percent. Total assets increased by $128 billion over the past 10 years.In July 2007, the CalPERS portfolio size was $245 billion, which means it was $117 billion in July 1997. It stands at $174 billion today. That puts their growth rate for the last 11.5 years at 3.72%. They would have done better in t-bills. Keep in mind this calculation is simplistic, and doesn't account for member contributions or outlays.