California State Treasurer Philip Angelides has asked the investment committee of the $157 billion California Public Employees Retirement System, Sacramento, to conduct a full review of its equity and debt investments in foreign emerging markets to better protect the pension fund. The committee approved Mr. Angelides recommendation to postpone adoption of a proposed list of permissible countries and to tighten the standards used for allowing investment in foreign emerging markets. Separately, the investment committee approved $275 million in two real estate deals and one private equity partnership in California. They are a $100 million investment in CommonWealth Partners, which invests in urban southern California properties; a $100 million investment in the California Community Initiatives Fund, which originates mortgages for properties in underserved communities; and $75 million in Silver Lake Partners, which will invest in technology companies.
California State Treasurer Philip Angelides has asked the investment...
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