Wednesday, December 09, 2009

The value of the CALPERS real estate holdings has fallen 48.7% in a year

The L.A. Times reports:
The value of real estate investments held by the nation's largest public pension fund has plummeted, and the California Public Employees' Retirement System is moving to terminate some of its investment managers as a result, new documents show.

The value of the huge pension fund's real estate holdings fell 30% in the quarter that ended Sept. 30 compared with the previous quarter, a consultant for the California Public Employees' Retirement System reported Tuesday. Year over year, it dropped 48.7%.

Great moments in real estate.