Since 1985, CalPERS has pushed the envelope of corporate governance initiatives and socially targeted investing. After the Los Angeles riots in 1992, for instance, CalPERS launched a $375-million initiative aimed at rehabilitation and development in California’s major urban areas. By 2005, the effort reached $1.2 billion, with investments in single-family homes as well as the mixed-use and industrial real estate. According to a Harvard Law School study, the return on investment during that period was over 22%. The study concluded that the investments «paid off handsomely for the fund, its beneficiaries and communities across the state.»
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