The $227 billion California Public Employees’ Retirement System (CalPERS) has allocated up to $800 million to investments in California infrastructure over the next three years. The plan calls for investments in both public and private infrastructure including, but not limited to, transportation, energy, natural resources, utilities, water, communications and other social support services. Under its California allocation, CalPERS plans to target individual investments of at least $150 million and will focus on “defensive”
opportunities that have minimal competition, stable revenues and returns, low operating risk, and strong credit.
As part of the state commitment, CalPERS also has given its “AAA” rating to California cities and counties for credit enhancement of more than $326 million in infrastructure bonds.
CalPERS currently has $203 million invested in a combination