The California Public Employees’ Retirement System, the largest U.S. pension fund, invested in a new-home community two years after it reduced its involvement in similar projects following losses in the housing bust.

Calpers is one of three investors in a new development phase at Rancho Mission Viejo in Orange County, California, according to Robert Goodman, chief executive officer of Resmark Cos., a Los Angeles-based firm that invests in real estate for Calpers and the California State Teachers’ Retirement System.

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