The California Public Employees’ Retirement System (CalPERS) is investing $3.8bn (€3.3n) with its real estate managers.

The US pension fund’s existing managers will be given the capital to continue investing in asset class, according to a board meeting document.

CalPERS has committed $1.5bn to Commonwealth Partners’s Fifth Street Properties and $900m to GID’s Institutional Multifamily Partners.

A further $326m has been committed to First Washington Realty’s Global Retail Investors, and $600m to Miller Capital’s Institutional Mall Investors.

The fund has also committed $400m to Bentall Kennedy’s Institutional Logistic Partners.

CalPERS has said it would like to have fewer but larger partnerships with managers, as it looks to allocate 75% of its portfolio to income-producing assets.

GID, which buys existing apartment projects or sets up joint ventures to develop new properties, held a $1.2bn portfolio for CalPERS in the first quarter of this year.

First Washington, which invests in community and US shopping centres in densely populated areas, held a $1.56bn portfolio for CalPERS, while Miller Capital has a $4.4bn relationship with the pension fund. 

The partnership invests in existing fashion-orientated US retail, as well as lifestyle and mixed-use projects. 

Bentall Kennedy invests in US industrial properties, with most of the capital invested in existing core assets.

The partnership is worth $337m.