The California Public Employees Retirement System chose CBRichard Ellis Investors LLC over several competitors, insiders tellGlobeSt.com. Under the program, CB Richard Ellis will place some ofthe CalPERS money in real estate projects and put the rest intechnology companies that serve brokers, developers and real estateinvestors.

"CB Richard Ellis Investors has demonstrated experienceinvesting in private equity, technology and real estate," saysWilliam D. Crist, president of the CalPERS Board of Administration."They have a global network of relations with technology tenantsand an understanding of technology real estate requirements thatsuits them well for this job."

The deal will help CalPERS leverage its $9.3 billion real estateportfolio and network of contacts in the venture capital industryto generate several new investment opportunities for the fund,Crist says. The money will be used to buy real estate in theSilicon Valley and other high-tech corridors, he says, and to formalliances or directly invest in "emerging companies at theintersection of real estate and technology, such astelecommunications firms, online commercial property listingservices and energy-management entities."