Largest pension fund in US goes back to basics

摘要

The California Public Employees' Retirement System, the largest pension fund in the US, has adopted a "back to basics" strategic plan for its $16bn real estate portfolio after it lost 42% of its value during the recession. The plan by CalPERS, which will focus on income-generating properties, restraints on risk and debt, and separate accounts with partners, is an indication of the new lower-risk strategies that the world's large public pension funds are likely to adopt in the wake of the global financial crisis.