California Public Employees Retirement System (CalPERS) has made two new commitments to its real estate portfolio totaling $3.95bn (€3.4bn), according to the pension fund’s latest meeting document.
Two of the commitments involved fresh capital awarded to GI Partners for $1.5bn in two existing partnerships.
One of these was $1bn of additional capital to the TechCore relationship. This partnership invests in technology-related real estate assets in the US. CalPERS valued this partnership at $3.2bn through June 2025, according to the pension fund’s document. The one-year total return on this portfolio was 7.1%.
The other commitment to GI Partners was for $500m into the CalEast Solstice partnership. This capital will be invested in industrial assets in the US.
CalPERS made a new allocation to another industrial partnership with a $500m commitment to Institutional Logistics Partners.
The manager for this relationship is BentallGreenOak. CalPERS valued this portfolio, which it said in the document generated a one-year total return of 3.5%, at $4.86bn.
Two of the new commitments by CalPERS were with partnerships that invest in apartment complexes.
One of these was a new allocation of $750m into the Pacific Multifamily Investors relationship that is managed by Pacific Urban Investors. This capital will be invested in existing vintage properties that are typically 11 years old or more that have shown the ability to produce sustainable income. CalPERS has placed a value on this portfolio of $2.7bn with a one-year total return of 3.5%.
The other apartment partnership commitment was for $250m into the Institutional Multifamily Partners managed by GID. This relationship has a value of $7.4bn with a one-year total return of 6.4%.
CalPERS has issued new commitments to partnerships that invest in office and retail assets totaling $450m. These were $400m to Gotham Office Realty Partnership managed by Meadow Partners and $50m to Institutional Mall Investors overseen by Miller Capital Advisory.
The pension fund also committed $400m to Golden Poppy Real Estate Partners.
CalPERS declined to give further details than those that are available in is board meeting document.
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