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CalPERS to Sell Portion of Real Estate Portfolio

The California Public Employees’ Retirement System (CalPERS) today announced that it is planning to sell up to $3 billion of its real estate investment portfolio. Park Hill Group has been selected to assist CalPERS with the sale.

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"The sale of these assets represents the continued effort to reduce costs, risk and complexity across the CalPERS fund," said Paul Mouchakkaa, CalPERS Senior Investment Officer for Real Assets. "For the Real Estate Program it will enable us to invest in assets and managers that are more aligned with our current strategy."

The portfolio being offered holds assets that no longer align with the strategic goals of the real estate program, and is balanced between international and domestic investments. The total amount for sale could vary based on market conditions and what the real estate market can absorb.

The sale of these assets marks the first move under a new plan that would reduce the number of external investment managers in the total fund from the current approximately 200 to approximately 100 by 2020, and will result in larger and more strategic relationships.

Park Hill Group will immediately begin seeking offers from interested parties on the secondary market, and plan to have a deal completed by the end of 2015.

The CalPERS Real Estate Program currently holds approximately $25.5 billion in commercial, industrial and residential assets.

Next Finance , July 2015

Article also available in : English | français

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