Financial Times FT.com

Calpers to invest in infrastructure

By Francesco Guerrera and Anuj Gangahar in Sacramento

Published: September 14 2006 00:26 | Last updated: September 14 2006 00:26

The California Public Employees’ Retirement System, the largest US public pension fund, could take its first direct stakes in infrastructure projects such as oil depots and orange groves as part of a radical change in its commodity investment strategy unveiled this week.

The shift, aimed at diversifying Calpers’ $208bn portfolio, will take the fund into investments that promise greater returns, and greater risks, than its traditional holdings in energy and metal stocks.

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