CalPERS Lost 49% in Real Estate

The California Public Employees' Retirement System (CalPERS), the largest public pension fund in the United States, recently reported that their real estate investments lost 48.7% for the year ended June 30.Real estate represents 6.9% of CalPERS assets. The pension blamed it on capital markets, the macro-economy downturn, non-stabilized assets, and higher amounts of leverage.