California Public Employees’ Retirement System (CalPERS) has approved new real estate and infrastructure commitments totalling $2.9bn (€2.5bn), the pension fund’s board meeting document reveals.
CalPERS made a $2bn top-up commitment to the GIP Redwood Co-Invest infrastructure platform. At the close of 2025, the pension fund’s existing stake in the GIP-managed platform was valued at $159.1m.
The pension fund committed $150m to Harbert Power Fund VII in December last year, following an SEC filing by Harbert Management Corporation showing $218m had already been raised for the power and energy infrastructure fund that targets core-plus and value-add assets.
For its real estate portfolio, CalPERS split its allocation by commiting $200m to Sculptor Real Estate Fund V alongside an additional $400m for side-car co-investment opportunities.
Sculptor achieved a final close for Fund V in December 2025, exceeding its $3bn target to raise $4.6bn directly and $825m in co-investment capital for the fund that targets alternative sectors including gaming, leisure, hotels, digital infrastructure and cold storage.
The pension fund’s remaining $200m real estate allocation was committed to the BentallGreenOak-managed BA IV Sidecar 4 vehicle.
| Investment Vehicle / Fund Name | Asset Class | Investment Manager | Commitment ($m) | Strategic Notes & Context |
|---|---|---|---|---|
| GIP Redwood Co-Invest | Infrastructure | Global Infrastructure Partners | $2,000m | Top-up commitment; existing stake valued at $159.1m at year-end 2025. |
| Harbert Power Fund VII | Infrastructure | Harbert Management Corporation | $150m | Core-plus and value-add power/energy infrastructure. Allocation followed SEC filing. |
| Sculptor Real Estate Fund V (Direct) | Real Estate | Sculptor Capital Management | $200m | Alternative niches: gaming, leisure, hospitality, digital infrastructure, cold storage. |
| Sculptor Real Estate Fund V (Co-Invest) | Real Estate | Sculptor Capital Management | $400m | Dedicated side-car vehicle backing alternative real estate strategies. |
| BA IV | Real Estate | BentallGreenOak | $200m | Remaining programmatic real estate allocation component. |
| Total Programmatic Commitments | $2,950m |
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