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CalPERS to change discretionary investment limits

by Andrea Waitrovich

The $302 billion California Public Employees’ Retirement System has made changes to the existing delegated transaction limits to real estate and real assets as part of its updated real assets investment policy. The changes were recommended at the Aug. 15 investment committee meeting.

The new limits establish that the managing investment director of real assets, Paul Mouchakkaa, may make individual real estate discretionary investments up to $3 billion and the CIO, Theodore Eliopoulos, may make real estate discretionary investments up to $6 billion.

In addition, limits were approved for infrastructure investments, which are part of the real assets class. Mouchakkaa will be able to invest $1 billion and Eliopoulos will be able to invest $2 billion without investment committee approval. 

The investments can be made on a fiscal year basis with

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