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Business Briefing

Pensions

CalPERS, real estate firm split

October 24, 2009|Times Wire Reports

The California Public Employees' Retirement System and real estate advisor MacFarlane Partners severed ties as the fund reviews the performance of its investment managers.

MacFarlane Partners, the San Francisco real estate firm that helped CalPERS invest in affordable housing, resigned as manager of California Urban Investment Partners, a spokeswoman for MacFarlane said.

CalPERS put more than $1 billion in the urban program. CalPERS declined to comment.

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