The California Public Employees’ Retirement System, otherwise known as Calpers, is raising eyebrows for its investment in real estate developments across the country making the transition from rent-stabilization to market-rate, according to the Wall Street Journal. While Calpers took a major hit on its investment with the Stuyvesant Town and Peter Cooper Village apartment complex, experts say the organization, which handles approximately $200 billion in California state retiree funds, has profited off of numerous similar developments, like the Riverton Houses. Calpers, for its part, says it’s taking a critical eye to its investment trend. “These historical investments were made under previous investment leaders,” Brad Pacheco, a Calpers spokesperson, said. “Nevertheless, our current investment staff has the issue under study.”