Although no particular new transmission system investments were targeted by the California Public Employees Retirement System (CalPERS), the investor group agreed that the high voltage infrastructure could be a part of up to an $800 million, three-year, infrastructure investment plan announced Sept. 12. The enormous institutional investor could become linked with either municipal projects and\/or investor-owned utilities\u2019 transmission construction, according to the fund. \u201cStaff is keen to explore with public sector agencies, districts and authorities . . . particularly within California, opportunities which meet the program\u2019s investment requirements,\u201d noted a CalPERS memo. Eligible investments include \u201ccontracted electric transmission.\u201d Staff added that projects under regulated utilities \u201csubject to acceptable regulatory regimes\u201d may be considered. One caveat is \u201cminimal construction risks.\u201d CalPERS partners find individual projects for the fund\u2019s investments, explained spokesperson Wayne Davis. After investigation, he said staff is to report on specific projects for investment next month. While theoretically open to non-utility developers, California\u2019s transmission system remains the bailiwick of utilities. Utilities do not require investors like CalPERS, because their projects are underwritten by ratepayers. But, utilities do raise capital from funds like institutional investors and others to enable them to build the projects. One privately funded project, a pumped-storage facility floated by Nevada Hydro for Lake Elisinore, is in limbo. A private transmission project to connect regional grid operator systems, Tres Amigas, is still being planned, according to its website.