Pension fund allocates $460m in new capital to Institutional Mall Investors. : California Public Employees Retirement System (CalPERS) continues to invest billions of dollars in US shopping malls, despite widespread weakness in the country’s retail property market. The $353bn (€297bn) pension fund has approved a new $460m commitment to its $6.4bn joint venture with retail specialist Miller Capital Advisory, according to a board meeting report. The latest investment comes less than 12 months after it added $250m to the co-investment partnership, known as Institutional Mall Investors.