The formal vote comes amid a gradual change by the giant pension fund after losing 42% of the value of its real estate portfolio during the recession.
Marc Lifsher, Los Angeles Times
February 15, 2011
Reporting from Sacramento —
After losing 42% of the value of its extensive real estate portfolio during the recession, the state's biggest public pension fund has approved a formal plan to pursue a less risky investment strategy.
Board members of the $229-billion California Public Employees' Retirement System endorsed a plan to shift away from residential properties, raw land and highly...