NORTH AMERICA – The California Public Employees Retirement System has committed $250m (€194m) into the Hines CalPERS Russia Long Term Hold investment partnership.

CalPERS is by far the majority owner of the partnership in return for its equity commitment.

The pension fund also required Hines to contribute some of its own equity into the venture. 

The Russia Partnership's strategy includes buying existing properties that have "core-like features".

In an email, CalPERS said the partnership was part of its 2011 Strategic Plan, where it outlines its intention to buy stabilised or core-like assets in major cities of high growth in select emerging market countries. 

It announced the commitment into the Russia Partnership at its 13 May investment committee meeting. 

Separately, the scheme also approved a $250m commitment to the Institutional Core Multifamily Investors, managed by Invesco Real Estate. 

CalPERS has a real estate portfolio valued at $21.1bn, as of the end of March, making up 8.2% of the pension fund's $257.4bn in total plan assets.

The targeted allocation for real estate is 10%.

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