TIMBER: CalPERS Outgrows Forestland Investments
The California Public Employees’ Retirement System (CalPERS) is putting 300,000 acres of forestland in Louisiana up for sale. The planned sale represents one-fifth of CalPERS’ holdings in U.S. forests. The deal could raise several hundred million dollars. Portland-based Campbell Group LLC, one of CalPERS’ external managers focused on timberland, has hired UBS AG to run the sales process. The pension is one of the largest institutional holders of timberland in the United States, with a high concentration to the Southeastern part of the country. CalPERS also owns forestland in Brazil, Guatemala and Australia. If a successful deal occurs, CalPERS could sell another chunk of forests in East Texas (1 million acres).
This goes back to CalPERS’ theme of uncompensated complexity – highlighted by CalPERS Chief Operating Investment Officer Wylie Tollette.
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