California Public Employees Retirement System (CalPERS) has made $1.9bn (€1.6bn) worth of real assets investments, as disclosed in a recent list of new commitments.
The $579bn pension fund’s real estate investments included a $400m commitment to a BentallGreenOak Asia fund and a $1bn commitment to Brookfield Asset Management’s global opportunistic strategy.
CalPERS completed its investment in BentallGreenOak Asia USD IV in March, making it part of the $2.7bn the manager has raised for the fund, according to a June SEC filing.
BentallGreenOak Asia USD IV will acquire assets across Asia, with a significant focus on Japan. The fund’s target properties include office, industrial, residential and hotel assets.
The pension fund’s commitment to the Brookfield fund comprised a $700m commitment directly into the Brookfield Strategic Real Estate Partners V, and an additional $300m for a co-investment sidecar associated with the fund.
The Brookfield fund’s capital now stands at $13.3bn, according to the manager’s second-quarter 2025 earnings results. The fund invests in a mixture of portfolios, real estate companies and individual assets.
CalPERS made $530m worth of infrastructure commitments, comprising $500m to Coastal Oak Infrastructure Partners and an additional $30m to Concession Investment Holdings.
The pension fund’s investment in Concession Investment Holdings, which it has held since 2016, had a market value of $1bn at the end of 2024.
The portfolio, which includes ownership of the Indiana Toll Road, earned a one-year total return of 8.9%.
CalPERS declined a request for further comments.
| Investment Manager | Fund / Strategy | Investment Type | Commitment Amount | Total Fundraise | Key Asset / Focus | Notes |
|---|---|---|---|---|---|---|
| BentallGreenOak | Asia USD IV | Real Estate | $400m | $2.7bn | Office, industrial, residential, and hotels in Asia (focus on Japan) | Commitment completed in March |
| Brookfield Asset Management | Brookfield Strategic Real Estate Partners V | Real Estate | $700m | $13.3bn | Global opportunistic strategy | Part of a total $1bn commitment to Brookfield |
| Brookfield Asset Management | Co-investment sidecar for BSF V | Real Estate | $300m | $13.3bn | Global opportunistic strategy | Part of a total $1bn commitment to Brookfield |
| Coastal Oak Infrastructure Partners | N/A | Infrastructure | $500m | N/A | N/A | Part of a total $530m infrastructure commitment |
| Concession Investment Holdings | N/A | Infrastructure | $30m | N/A | Indiana Toll Road, US | An increase in funding for a portfolio held since 2016 |
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