>>Other holdings include a 45%-stake in Japanese bank Aozora, real estate services firm LNR Property
Ah, I forgot about LNR!
LNR Property was a principal in the miraculous disappearance last year of about $1 Billion of Calpers funds. (okay... not disappearance, more like musical chairs.) It was a risky joint venture land deal called “Landsource” that involved Calpers, Lennar, and Cerberus/LNR Property. Landsource filed for bankruptcy shortly before the RE market tanked.
http://www.sacbee.com/opinion/story/1518469.html
CalPERS made a bet – and lost
I forget the gory details but there are several articles on FR
http://www.freerepublic.com/tag/landsource/index
http://www.freerepublic.com/tag/calpers/index
http://www.freerepublic.com/tag/landsource/index
http://www.freerepublic.com/tag/calpers/index
http://www.sacbee.com/opinion/story/1518469.html
Snort---everytime you hear about billions disappearing, Calpers name comes up.