California Public Employees Retirement System (CalPERS) has made over $3bn (€2.75bn) worth of commitments into its existing real estate partnerships, according to the pension fund’s board meeting report.
CalPERS has placed $750m into Pacific Multifamily Investors, a $2.9bn US apartments relationship managed by Pacific Urban Investors. Pacific Multifamily Investors recorded a one-year total return of -7.7% and a return for 10 years of 9.1%.
The $435.24bn pension fund also committed $600m to Institutional Multifamily Partners, a $7.1bn US multifamily relationship managed by GID. The portfolio recorded total returns of -8.8% for one-year to 8.6% for 10 years.
The pension fund has approved a $600m commitment to TechCore, a $2.9bn technology-based real estate investment relationship managed by GI Partners. The portfolio has yielded a 4.4% one-year and a 10.7% three-year total return.
CalPERS also approved a $500m commitment each to CalEast Solstice and Institutional Logistics Partners.
CalEast, a partnership valued at $11.4bn, is managed by GI Partners. Institutional Logistics Partners has a $4.5bn portfolio and is managed by BGO.
The CalEast partnership’s total returns have ranged from -5.4% for one-year to 15.5% for five years. The BGO partnership recorded a one-year return of 4.2%.
The pension fund also placed $100m into the Gotham Office Realty Partnership which has a current value of $449.5m. The partnership, managed by Meadow Partners recorded a one-year total return of 6.5%.
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