California Public Employees' Retirement System will invest up to $4.80 billion in real estate over the next 12 months, IPE Real Assets reported.

The government pension plan sponsor will funnel $1.40 billion toward maintenance and improvement of existing holdings and $3.40 billion toward new investments through its separate account managers and new mixed funds, the publication said, citing documents.

According to the publication, the fund's consultant, Pension Consulting Alliance, said the capital may be difficult to invest in the current competitive markets, but that it intends to target off-market opportunities and take advantage of repricing opportunities.