CalPERS to sell up to $3b in real estate assets
The California Public Employees’ Retirement System has announced it is planning to sell up to $3 billion of its real estate investment portfolio.
As the $301.4 billion pension fund implements its plans to cut costs, assets that no longer align with the strategic goals of the real estate program will be part of the portfolio being offered.
“The sale of these assets represents the continued effort to reduce costs, risk and complexity across the CalPERS fund,” said Paul Mouchakkaa, senior investment officer for real assets, in a statement. “For the Real Estate Program it will enable us to invest in assets and managers that are more aligned with our current strategy.”
The sale of these assets is the first part of the new plan that will reduce the number of external real estate managers from 51 to 15.