California Public Employees Retirement System (CalPERS) has approved four new US real estate commitments worth $1.4bn (€1.3bn) in total, according to the pension fund’s board meeting document.
CalPERS placed $500m into TechCore, a $2.9bn technology-focused real estate partnership managed by GI Partners and commitment $440m to the IDR Core Property Trust Index Fund, which tracks the NFI-ODCE Index.
The pension fund also committed $400m to the Affordable Housing Institutional Partners to target affordable housing equity and debt investments, and placed $70m into the Global Retail Investors partnership, a $4.5bn necessity retail real estate investment venture managed by First Washington Realty.
The Global Retail Investors partnership generated a 6.3% total return for CalPERS over a decade, the pension fund disclosed.
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