The California Public Employees’ Retirement System is placing a portion of its US timber holdings up for sale in the latest sign of a larger strategic re-evaluation inside the nation’s largest pension fund, according to people familiar with the matter.

The planned sale of around 300,000 acres of forestry largely in Louisiana comes amid a broader review of the timber portfolio at the Sacramento-based pension fund, which is known by its abbreviation Calpers. The woodland represents more than one-fifth of Calpers' roughly 1.3 million acres of US forestry. A sale of the Louisiana assets could fetch several hundred million dollars, the people said.