California Public Employees Retirement System (CalPERS) has committed a further $400m (€378.5m) to Nuveen’s US affordable housing strategy.
The $503bn pension fund is making the latest investment via a separately managed account, following its June 2024 announcement of a $100m investment in Nuveen Real Estate’s US affordable housing fund.
CalPERS has so far committed half a billion dollars to the Nuveen US affordable housing strategy, launched in 2023, aiming to “generate strong risk-adjusted returns and enhance community resilience” in the US by providing access to affordable housing.
Pamela West, portfolio manager for impact investing at Nuveen Real Estate, said: “The lack of affordable housing has been a multi-decade crisis in the US. We are grateful for CalPERS’ continued commitment to our affordable housing strategy as we seek to support a broad range of social benefits for communities and to generate steady, accretive returns.
”This investment will preserve access to safe and deeply affordable housing while making environmentally sustainable improvements.”
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