The USD 180.9 billion public pension fund is still in a defensive mode with regards to private equity real estate, despite its real estate allocation decreasing to become closer to its 10% target allocation. The pension fund’s real estate allocation has been around 11% so far in 2009, but as the US stock market has been improving, CalPERS’ total assets have also increased and therefore its real estate allocation is now closer to 10%. However, CalPERS has frozen its private equity real estate fund investment activity and will not be making any commitments in the next 12-24 months. It anticipates that any other investments in the asset class, such as joint ventures, separate accounts or direct property will be focused on the US. The pension fund will continue to manage existing investments and address the liquidity demands of its legacy portfolio.
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