SEPTEMBER 30, 2014

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CalPERS budgets $5.4b for real assets in fiscal year

by Reg Clodfelter

The nation’s largest pension fund has budgeted up to $5.4 billion for real assets investments for fiscal year 2015, confirms Joe DeAnda, information officer with the retirement system. The California Public Employees’ Retirement System’s real estate team publishes all current available allocation for each manager for the remainder of the fiscal year, so CalPERS can budget over the next year, DeAnda explains in an email. CalPERS’ current fiscal year ends June 2015.

The large real assets budget comes on the heels of CalPERS’ decision to exit its entire $4 billion hedge fund portfolio. By property type, none was allocated more than multifamily, which was budgeted $1.8 billion. The retail sector was not far behind with a $1.4 billion allocation, and logistics and office properties were each allotted $900 million.

Among the largest allocations to an individual manager, more than $1.2 billion was set aside for possible investment in Ins

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