The $302 billion California Public Employees’ Retirement System has made changes to its 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 pension system’s Aug. 15 investment committee meeting.

The new limits establish 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, per fiscal year.