Fundraising - APRIL 10, 2014

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CalPERS could invest up to $12b in real assets by summer 2015

by Reg Clodfelter

At an April 14 board meeting, the California Public Employees’ Retirement System will review an asset allocation implementation plan that will allow the system to reach its new allocation targets, adopted in February 2014, by July 1, 2016, and its new real estate target by July 1, 2015. A vote for the plan should be held at CalPERS May 19 investment committee meeting.

In February, CalPERS decided to up its target allocation to real estate from 9 percent to 11 percent, and to up its target allocation to infrastructure and timber from 2 percent to 3 percent. Considering that, as of March 25, 2014, both asset classes were underweighted even by their old targets, the new targets would require CalPERS to invest a combined 4.2 percent into real assets. This would require CalPERS, whose assets under management were valued at $283.6 billion in December 2013, to invest $11.9 billion into real assets.

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