(Bloomberg) — The California Public Employees' Retirement System, the largest U.S. public pension, is developing plans to shift as much as $30 billion from external to internal managers as it seeks to reduce fees.

The $306 billion system now oversees about 70 percent of its assets internally, most in stocks and bonds, a share that can increase as CalPERS develops capacity to handle private equity, real estate and infrastructure, according to Chief Investment Officer Ted Eliopoulos.

"I think 75, maybe 80 percent" is the long-term goal, Eliopoulos said in a Bloomberg Television interview in Sacramento. "It's a big deal."

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