California Public Employees' Retirement System's staff June 14 will...

California Public Employees’ Retirement System’s staff June 14 will recommend that the investment committee approve a $320 million investment in three California community real estate initiatives, said Brad Pacheco, spokesman for the Sacramento-based $157 billion fund. They are: $120 million in California Urban Investment Partners, which invests in retail properties in under-served areas; $100 million in CommonWealth Partners, which focuses on urban southern California; and $100 million in California Community Initiatives Fund, which provides mortgages. The staff will also recommend investing $75 million in Silver Lake Partners, a technology buyout fund whose principals are affiliated with Kleiner Perkins. The committee also is expected to select a timber manager for its $1 billion program. Separately, CalPERS has appointed Denise M. Arend to divisions chief. She will manage investment contracts, monitor and report on investment transactions, performance and asset allocation. Ms. Arend previously was director of the office of small business at the California Trade and Commerce Agency. She has replaced David Mullins, who was promoted to divisions chief of the system’s supplemental savings programs, which includes CalPERS’ deferred compensation program.