Tools to Revitalize California
Communities -
California Urban Real Estate
“The CURE”
California Debt and Investment
Advisory Commission
October 17, 2003
Total Fund Allocation (7/8/03)
Assets Actual($) Actual(%) Target Range
Cash 1.1 0.7% n/a
Non U.S. Fixed 5.8 4.0% 3.0% 21-31%
Domestic Fixed 30.5 20.7% 23.0%
Non U.S. Equity 30.1 20.5% 19.0%
Domestic Equity-Public 60.1 40.9% 39.0% 60-70%
Domestic Equity-Private 7.4 5.0% 10.4%
Real Estate 12.0 8.2% 9.0% 7-11%
Total CalPERS Assets 147.0 100.0% 100.0%
Cash
Alternative Real Estate Non US Fixed
Investment Domestic Fixed
Management
Domestic Equity
(Public)
Non US Equity
CalPERS Real Estate Portfolio (as of 3/31/03)
TOTAL
REAL ESTATE
$11.9 B
Opportunity Real Estate
Real Estate Franchise
Franchise
Technology
Technology
Fund Finance
Finance
Senior
Senior
Housing
Housing Retail
Retail
NON-CORE
PORTFOLIO REITS
REITS
Single Family
Single Family $2.6 B Natural CORE
Housing/Acquisition
Housing/Acquisition Natural
Resources
Resources PORTFOLIO
& Development
& Development
(Timber & Ag)
(Timber & Ag) $9.3 B
Apartment
CURE
Specialized
Specialized
(California Urban
Securities
Securities Office
Real Estate) International
International Office Industrial
Industrial
Non-Core Portfolio - Sector Allocation (3/31/03)
Net Asset Value
Invested $2.6 Billion
International
Technology
Natural $30
$146 SF Housing
Resources 1%
$744
6% $636 Net Asset Value
28% 24% Funded/Unfunded Commitments
$5.1 Billion
Natural
Technology International
Senior Housing Resources
$500 $105
$200 $945
10% 2%
4% 19%
Senior Housing
$146
CURE Securities
6%
$217 $729
8% 28%
SF Housing
$1,158
CURE 23%
Securities
$1,450
$729
29%
14%
Source: REPIMS as of 3/31/03 and Pipeline Report. Excludes Opportunity Fund.
Portfolio Summary: Sector Itemization – CURE
Primary
Fund/Partner $ Allocated Geographic Date of
Name (millions) Business S trategy/Focus Areas/Focus Inception
CUIP/MacFarlane $ 290 Infill Investments/Development Major Metro Feb-97
KAREC/Kennedy 100 Office/R &D, Industrial Development CA Apr-02
CIM Group 405 Mixed-use development Major Metro Dec-00
BUILD/Bridge 100 Affordable housing Bay Area, CA Jan-02
CalSmart/Rreef 175 Infill development CA Focus Mar-01
Buchanan 100 Urban Investments - Mezz Debt/Equity Financing CA Focus Dec-01
Capri 60 Multi-Family Mezz Debt/equity financing CA Focus Jun-02
IHP IV 40 Income Producing/For sale residential CA Dec-01
Pacific City 40 Affordable-for-sale housing CA Apr-03
Klein Steadfast 50 Affordable Multifamily - Mezz Debt CA Jan-03
Related 30 Affordable Multifamily - Credit Enhancement CA Dec-02
Legacy 60 Affordable Multifamily - Development CA Dec-02
TOTAL $ 1,450
Data as of 3/31/03
CalPERS Real Estate: Organization
Michael McCook Paulette Wells Student Asst’s
Performance Pension Consulting
Senior Investment Officer Executive Secretary Dan Franklin
Monitor Unit Alliance Omar Martin
Gina Nardi
Special Projects/Admin Support
Performance
Appraisals
Al Fernandez
Measurement Portfolio Manager
Bryan Bailey Kent Haggerty
Portfolio Manager Portfolio Manager
Jose McNeill - IO II
Judy Alexander - IO II Randy Pottle - IO II Barbara Stocking-IO I
Bob Eberhardt - IO II Industrial
Multi Family Bob Langhi - IO II Retail R/E Technology
Office
Affordable Housing Housing Program Borge Tangeraas - IO I CA Urban R/E Program
Opportunity Fund
CA Urban R/E Program CA Urban R/E Program Catellus, REITs
CA Urban R/E Program
“R” Street CA Urban R/E Program
Wenning Jung - IO I
Dilo Seneviratne - IO I
Retail Opportunity Fund
CA Urban R/E Program
Julie Rost - IO II ULLICO, CCMF
Amit Aggarwal - SSA
Katherine Fox - SSA AFL-CIO BIT & HIT
Natural Resources NCREIF Index Jacqueline Sumner
Consultant Contract Office Technician
Cash Management Database (REPIMS)
Senior Housing Responsible Contractor
Analytic Support
Housing Analytics
International Pipeline Reports Tod Davis - IO II
Opportunity Fund Insurance
Judith Carnes
Craig Jackson
Office Technician
Office Assistant
Geoffrey Gelb