CalPERS staff proposed boosting its commitment to CIM California Urban Real Estate Fund by up to $280 million, from $125 million. As an alternative, staff recommended allocating $150 million to a new $800 million CIM fund if the board of the $131 billion California Public Employees Retirement System, Sacramento, were to reject the increased commitment.
The alternative proposal to raise a new fund also hinges on whether the $90 billion California State Teachers Retirement System, Sacramento, is willing to boost its $45 million commitment to the first CIM fund by $100 million. Sherry Reser, CalSTRS spokeswoman, said the issue was not discussed at the funds open meeting and declined to comment further.
CalPERS staff also requested that either fund be permitted to invest up to 40% of assets outside of California, up from 10% of assets currently.