Banks aren't the only ones that hold risky commercial-real-estate debt. Pension funds are about to feel the pain, too.

• Pension funds, REITs, and insurers hold more than $1.2 trillion in commercial-real-estate debt.
• CalSTRS, a California pension fund, told the FT it will be writing down its real-estate portfolio.
• "This is just the beginning" for funds, said Trepp's Manus Clancy.

Investor angst over risky commercial real estate has exploded in recent weeks with expectations that banks that hold billions of dollars in the debt are too weak to absorb any losses.