CalPERS investment committee today allocated $500 million to opportunistic real estate investments within the United States and internationally. The expected minimum return must be above 13%, unleveraged, after fees.
Separately, the investment committee at the $151 billion California Public Employees Retirement System, Sacramento, approved hiring Goldman Sachs Asset Management and Franklin Templeton Institutional to run active domestic gross equity mandates. The asset size of the portfolios will be discussed at the committees closed session in June.
The committee also voted to restore the Philippines to its list of eligible emerging markets countries. Staff made the change after finding that the Philippines trade settlement standard is T+3, the same as the United States.
It also banned investments in American depository receipts and global depository receipts issued by companies based in countries excluded from CalPERS eligible emerging markets list.