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.
