The CalPERS board today announced plans to perform a strategic review of the funds $17.3 billion real estate portfolio, the first since 1995. The review will be presented to the board in August for approval.
Separately, the board of the $229 billion California Public Employees Retirement System, Sacramento, approved converting its existing $6.6 billion international fixed-income program to allow external managers to go up to 30% short, leverage their portfolios up to 130% and invest up to 10% of assets in international high-yield bonds.
In addition, the board hired Lovell Minnick Leading Edge Advisors for inclusion in the pre-approved listing of advisers for the systems Manager Development Program II.
CalPERS also extended CitiMortgages contract as mortgage loan master servicer and manager of the funds member home loan program. The firms contract will run through March 2008, though the fund plans to issue an RFP for a new manager in the next few weeks.