California Public Employees Retirement System (CalPERS) has pumped $430m (€394.3m) into two of its existing US apartment partnerships, according to a board meeting report.

The $496bn pension fund has added $350m to Institutional Multifamily Partners a $5.2bn partnership with GID Investment Advisors and placed $80m into Pacific Multifamily Investors, a $1.7bn partnership with Pacific Urban Residential.

The GID partnership, which targets assets nationally, is known for being active in Boston, New York, Virginia, Denver, San Francisco and Southern California.

The Pacific Urban partnership acquires existing vintage apartment assets that would typically be over 11 years old and need minor rehab work. Most of the transactions for the partnership are located on the US West Coast.

CalPERS declined a request for further comment.

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