The $98 billion California Public Employees' Retirement System, Sacramento, could terminate four real estate money managers running a total of $1.96 billion.
Concern about performance of some managers prompted the fund's new subcommittee on real estate to request that staff and a consultant evaluate the firms. They put several CalPERS' real estate managers on three lists termination, watch and hold.
Managers on the termination list are Equitable Real Estate, LaSalle Advisors, TCW/Westmark and Sentinel.
The subcommittee is expected to meet tomorrow. The subcommittee will study the evaluation and could make a recommendation to the investment committee for termination.
Managers on the watch list are GE, IBEX and AMRESCO.