On 1 May 2026, the Business and Human Rights Centre invited CalPERS to respond to concerns that a company it is investing in, Palantir, is linked to various allegations of facilitating human rights abuse. Reportedly, Palantir is involved in “ICE activities, government monitoring, and contentious national security projects” that run contra to the fund's policies around civil liberties, human rights, and corporate governance. Palantir has responded to similar allegations, which can be found on its BHRC company page.

As stated in the United Nations Guiding Principles on Business & Human Rights (UNGPs), investors have a responsibility to use their leverage to ensure that those with whom they have business relationships, including portfolio companies, respect human rights. CalPERS did not respond.