It’s no secret that the pension fund industry moves in lock step at times, an almost herd mentality, when it comes to real estate investing. There are a few clear leaders at the front of the pack, and their movements are considered a bellwether for the future.

That’s why the recent moves by the CalPERS are so significant. When America’s largest public pension plan, with $228 billion in assets under management, makes a move, and makes it very publicly, that’s something that rightfully draws attention. After all, CalPERS has more than $18 billion invested in global real estate, which is about 8% of its total investment portfolio.

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