CalPERS

Real Assets Glossary

This Glossary identifies, defines, and clarifies the meaning of investment terms used by CalPERS in our investment policies. The purpose of the Glossary is to establish a uniform vocabulary of terms for users of these policies.

Choose from the letters below to find a specific Real Assets Investment Policy term or phrase. You'll also find information about the related policies and asset classes for each term.

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z  #  ALL  


P


Participating Mortgage - An investment structure where the lenders (CalPERS) return consists of mortgage interest plus potential contingent interest expressed as a percentage of property operating cash flow and/or property appreciation upon sale or refinancing.

Related Policy

  • No related policies

Passive Investment - Investing in a manner that attempts to replicate the characteristics and performance of a market index. In theory, passive investing/management assures investment performance is neither worse nor better than the market as a whole. In practice, actual results differ from the results reported for the index due to transactions costs and tracking error.

Related Policy

  • No related policies

Passive Portfolio - Investing in a manner that attempts to replicate the characteristics and performance of a market index. In theory, passive investing/management assures investment performance is neither worse nor better than the market as a whole. In practice, actual results differ from the results reported for the index due to transactions costs and tracking error.

Related Policy


Power Center - A larger community center retail property that typically serves customers within a 5- to 10-mile radius. Power centers typically offer general merchandise at discounted price points and often feature an array of ?category killer? retailers. The size range is typically 250,000- 600,000 square feet. The projects typically incorporate at least three anchors.

Related Policy

  • No related policies

Preferred Return - A term in the partnership agreement that describes a minimum return that is paid to the limited partners before the general partner receives any share of the profits.

Related Policy


Primary Metropolitan Statistical Area (PMSA) - A geographic unit used by the Bureau of the Census for reporting consolidated demographic and economic information. Each PMSA consists of a large urbanized county or cluster of counties that demonstrates very strong internal economic and social links, in addition to close ties to other portions of a larger urbanized area or CMSA (Consolidated Metropolitan Statistical Area).

Related Policy

  • No related policies

Property Life Cycle - The cycle of business which a restaurant or other business experiences (i.e. newly opened, established, failing, failed).

Related Policy

  • No related policies

Property Sites - The location of a property and its physical characteristics.

Related Policy

  • No related policies

Prudent Person Opinion - An opinion from a consultant or external resource subject to the Fiduciary Standard of Care that the proposed investment is a prudent investment consistent with Article XVI, Section 17(c) of the California Constitution and Section 20151(c) of the California Government Code, i.e., made with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with these matters would use in the conduct of an enterprise of a like character and with like aims.

Related Policy


Public Real Estate Equity Securities (PREES) - Real estate securities, including real estate investment trusts (REITs) and real estate corporations, whose stocks are publicly-traded.

Related Policy

  • No related policies