OTHER NEWS - June 21, 1994

CalPERS Makes Direct Investment in Energy Firm: The California Public Employees Retirement System has made its first investment under a deal announced a year ago, apparently winning--in tandem with Enron Corp.--a bidding war for Bridge Oil Ltd., an Australian producer of oil and gas. CalPERS, the nation’s largest public pension fund, said last July that it would invest $250 million of its $75 billion in assets in a partnership with Houston-based Enron, the largest natural gas producer in North America. Other pension funds have made direct investments like the Australian deal, but the CalPERS-Enron transaction is one of the largest ever. Pension funds traditionally invest in bonds, stocks or real estate.