Calpers to sell investments in two gun makers SACRAMENTO, California (Reuters) - The biggest U.S. pension fund's investment committee voted on Tuesday to sell its stakes in two manufacturers of guns and high-capacity ammunition clips after the massacre at an elementary school in Connecticut. The mass shooting in Newtown, Connecticut, where 20 children and six adults were killed in December, has sparked a national debate regarding gun control, with some other pension funds also flexing their financial clout to weigh in on the issue. The vote on Tuesday follows a divestment motion by Calpers board member, investment committee member and California State Treasurer Bill Lockyer stemming from the shooting at Sandy Hook Elementary School in Newtown. The teachers' fund began reviewing its private equity funds managed by Cerberus Capital Management LP and invested in Freedom Group, maker of the Bushmaster semi-automatic rifle, one of the firearms used by the gunman in the Newtown shootings. The rifle is banned in California. Cerberus is in the process of selling its interests in Freedom Group and will return the proceeds to investors, a spokesman for Cerberus said on Tuesday. Cerberus bought firearms maker Bushmaster in 2006 and later merged it with other gun companies to form Freedom Group. Reporting by Jim Christie; Editing by Bernard Orr