CalPERS has proposed to temporarily reduce its real estate target allocation from 10% to 8% by December 31, Pensions & Investments reports. The pension fund’s new real estate strategic plan mainly concentrates on core, cash generating properties. Up to $200 million may be committed to a new emerging real estate manager program. Selected real estate investment managers will pick, supervise and mentor the emerging managers. The plan will focus on emerging managers and the properties in California. The proposal has been drawn up with the help of Crosswater Realty Advisors.
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