The investment committee of the California State Teachers' Retirement System's (CalSTRS) pension fund voted on Wednesday to sell its investments in manufacturers of firearms that the state bars private citizens from owning, including the rifle used in last month's mass shooting at an elementary school in Newton, Connecticut.
The $154 billion pension fund's investment committee also voted to divest from manufacturers of high-capacity ammunition clips illegal in California.
CalSTRS, just days after the Dec. 14 shootings at Sandy Hook Elementary School, began reviewing its private equity funds managed by Cerberus Capital Management LP and invested in Freedom Group. The company manufactures the Bushmaster semi-automatic rifle, one of the firearms used by a gunman to kill 20 children and six adults at the school. The gunman also killed his mother and took his own life.
Cerberus is selling investments in Freedom Group, a move applauded by members of CalSTRS investment committee.
© 2013 Thomson/Reuters. All rights reserved.