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Calpers Plans More Investments in Commercial Property

The California Public Employees’ Retirement System, the largest U.S. public pension, will shift about half of its real-estate investments into commercial property from “higher-risk” assets such as housing.

The investment committee of the fund known as Calpers voted today to change the emphasis to help guard against boom-and-bust cycles in real-estate markets. Calpers, with assets valued at about $228 billion last week, lost 11 percent on its property portfolio in the past fiscal year.