California Public Employees Retirement System (CalPERS) has approved $1.45bn (€1.25bn) worth of new real assets commitments.
The pension fund disclosed in a board meeting document that the commitments include placing $950m into three real estate funds, and making a $500m commitment to an infrastructure strategy.
CalPERS placed $250m into the core-plus open-ended Blackstone Property Partners Life Sciences fund. The pension fund is a prior investor in the fund, placing a value of $709.1m on its investment through June of this year.
Blackstone declined a request for comment.
According to CalPERS, the Blackstone fund produced negative total returns of -14.1% for one-year and -10.3% for three years.
CalPERS also placed $500m into the Carlyle Realty Partners X.
As previously reported, Carlyle raised $9bn for its 10th US opportunistic real estate fund, to focus on sectors driven by demographic and technological trends and favourable supply-demand dynamics, such as residential, self-storage and industrial, and will avoid office, hotel and retail properties.
The pension fund’s other real estate commitment was a $200m investment into the KSL Capital Partners Tactical Opportunities Fund II.
KSL raised $1.44bn earlier this year for the fund that targets investments in travel and leisure assets, including golf and resort properties.
CalPERS committed $500m to its infrastructure portfolio via the Infra Bear Partners entity.
The $579bn pension fund declined a request for additional information.
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