CalPERS weighs proposed changes to real assets portfolio

The $388.9 billion California Public Employees’ Retirement System (CalPERS) is considering revisions to its real assets and private equity portfolios, an agenda item for an upcoming investment meeting has revealed.

Under the new real assets program, the new cumulative fiscal-year limit will be $15 billion instead of $16 billion, which is the combined total currently for all three portfolios (real estate, infrastructure and forestland).

The changes won’t affect CalPERS’ authority in terms of the size of any one deal, but it will give staff increased flexibility in terms of the allocation of funds across the three portfolios. Staff will also have the chance to express limits at the program level, rather than portfolio level.

Previously presented in November, staff will vote to adopt the plan at the Dec.16 investment committee