CalPERS real estate portfolio value down 35 percent
November 14 2008 - Independent appraisers hired by the California Public Employees’ Retirement System (CalPERS) say the market value of the fund’s real estate is $6.1 billion at June of this year, down 35 percent from its original cost of $9.3 billion.
“This portfolio reflects the realities of today’s market and accurately depicts readjustments of price and risk,” said George Diehr, chairman of the CalPERS Investment Committee.
“We intend to keep the vast majority of our assets, and our long-term horizon enables us to be patient. If the market values increase over time, we can expect cash flow back and a return on our capital,” he said.