CalPERS Sells $3 Billion in Real Estate Assets as First Step in New Investment Strategy

The CalPERS assets involved in the transaction include 43 international and domestic funds; the organization says the sale is the first phase of a plan to redirect its real estate program’s strategy in an effort to reduce the number of external investment managers. According to Daily Journal, CalPERS’ real estate holdings comprise close to $27 billion in commercial, residential and industrial assets, and devotes more than $17 billion to private equity and real estate secondary investing.

Corporate & Securities counsel Semma Arzapalo led the Pillsbury team, which included partners Dulcie Brand, Bruce McDiarmid, Robert Spjut, Brian Wainwright, senior associate Alicia McKnight and associate Tammy Chang.