Calpers Puts More Reliance on Stocks, Lowers Real Estate Target
This article is for subscribers only.
The California Public Employees Retirement System, the largest U.S. pension, will lower its goal for real-estate investments for the rest of the year and put greater reliance on stocks and bonds.
Calpers’s investment committee in Sacramento voted to lower the $226.1 billion fund’s goal for real estate as a proportion of assets to 8 percent from 10 percent. Stocks were raised 1 percentage point to 50 percent, and bonds by 3 percentage points to 19 percent.