Despite the fact that commercial real estate has improved greatly since the recession, CalPERS is not getting returns expected by the Sacramento-based pension fund’s management.

In its real-asset investment fund, which accounts for 10 percent of the money it puts toward investments, and is mostly commercial real estate, returns were at 3.7 percent in the last 10 months, as opposed to the 4.7 percent that were forecasted.

Real estate specifically only gained a 3.3 percent return, which is considered very low, since property values are on the rebound after the recession and fundamentals are becoming much stronger.

CalPERS’ administration said that once full-year numbers come out next month, it should show the overall improvement in the fund’s real estate portfolio returns.