bargains to the cash-rich investor

Calpers, the largest U.S. pension fund, has raised its target for real estate investment to a 24-year high of 10 percent of its assets, as the credit crisis presents bargains to the cash-rich institutional investor.
"As a big pension plan, we're not as dependent upon borrowing as a lot of investors," Clark McKinley Calpers spokesman said on Thursday. "We feel like we're really in a good position. We have some great opportunities out there to make good deals."
The California Public Employees' Retirement System, with a a fund value of about $250 billion, has raised its target allocation for real estate investment from 8 percent to a level unseen since 1984. The target can range 3 percent either way, to a low of 7 percent and a high of 13 percent, Calpers said.
Calpers' board sets the allocation targets every three years and can tweak them yearly as conditions change.
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