California Public Employees Retirement System (CalPERS) has invested a further $28.9m (€27.2m) in Bentall Kennedy.

Board meeting documents show that the pension fund, which declined to give more information on the investment, had increased its stake in the Toronto-headquartered fund manager.

CalPERS became one of three owners of Bentall Kennedy three years ago at a time when it was looking to increase its allocation to real estate.

Bentall Kennedy is one of the largest real estate fund managers in North America and is Canada’s largest property manager.

CalPERS paid $100m for the 33% stake which had been held for the past two decades by Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec.

Bentall Kennedy and CalPERS then formed the Institutional Logistics Partners separate account joint venture.

Bentall Kennedy was awarded a $600m allocation for the fiscal year 2015. The partnership invests in US industrial properties.

As of September of last year, Bentall Kennedy managed a portfolio for CalPERS valued at $241m.

CalPERS has also made a $75m commitment to the Canyon Capital Realty Advisors’ Catalyst Fund, the pension fund’s emerging manager programme for real estate which started in 2012 with a $200m allocation.

At the time, CalPERS said the programme was only open to managers with less than $1bn of assets under management and no more than three prior funds or separate account relationships.

The pension fund is looking for additional investment opportunities in California as well as an increase in diversity among its pool of real estate managers.

Maria Stamolis, senior managing director for Canyon, said new capital is expected to be allocated to the four existing managers in the programme, which is aimed at California- headquartered companies that invest regionally.

The fund, which has a 50% leverage limit, is managed by Paragon Commercial Group, Rubicon Point Partners, Sack Properties and Pacshore Partners.