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Home » Investments » Land Investment

Agricultural Land Real Estate Investment

Source: www.calpers.ca.gov
Topic: Land Investment

Sort Desciption: Compared to other real estate investments, agricultural land has several ... Agricultural land investment size at the transaction level depends on the ...

Content Inside: CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM STATEMENT OF INVESTMENT POLICY FOR AGRICULTURAL LAND REAL ESTATE PROGRAM August 16, 2004 This Policy is effective immediately upon adoption and supersedes all previous agricultural land real estate policies. I. PURPOSE This document sets forth the investment policy (“the Policy”) for the Agricultural Land Real Estate Investment Program (“the Program”). The design of this Policy ensures that investors, managers, consultants, or other participants selected by the California Public Employees’ Retirement System (“the System”) take prudent and careful action while managing the Program. Additionally, use of this Policy provides assurance that there is sufficient flexibility in controlling investment risks and returns associated with the Program. II. STRATEGIC OBJECTIVE Achieving the highest total rate of return possible consistent with a prudent level of risk, the liabilities of the System, and the investment guidelines contained herein is the strategic objective of this investment program. The System shall consider its agricultural land investments as a component of the specialized equity real estate portfolio. Therefore, such investments shall be required to achieve an appropriate risk-adjusted return. All investments in agricultural land are subject to the investment processes described in the Statement of Investment Policy for Equity Real Estate, as well as the Delegations of Authority, both incorporated by reference hereto. The Agricultural Land Real Estate Portfolio (“the Portfolio”) shall be managed to accomplish the following: A. Preserve investment capital; B. Generate attractive risk-adjusted rates of return for the System as a total return investor, including the following components: 1. Provide, at a minimum, moderate to low cash flow from operations; and Copyright © 2004 by CalPERS. Reproduction of any part of this manual is permissible if reproduction contains notice of CalPE ...

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