Investors - APRIL 11, 2017

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CalPERS proposes structural change for real assets portfolio

by Jody Barhanovich

The investment committee of the $315.45 billion California Public Employees' Retirement System is proposing major revisions to the structure and benchmark of its real assets portfolio, according to agenda materials for the pension fund’s April 17 investment committee meeting.

In the real assets portfolio, CalPERS investment staff is proposing that real estate, infrastructure and forestland be consolidated into one reporting portfolio instead of three different portfolios under real assets, according to the agenda.

In addition, CalPERS will be replacing the National Council of Real Estate Investment Fiduciaries' Open End Diversified Core Equity index with the MSCI's IPD Property Fund index for its portfolio.

Currently, the real estate portion of the portfolio makes up most of its assets, with $27.9 billion, followed by infrastructure with $3.1 billion and forestland with $2 billion, according to the pension fund’s website.

The revisions to the real ass

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