California Public Employees Retirement System (CalPERS) has approved $2.65bn (€2.25bn) of commitments to its existing core US real estate separate accounts.

The $352bn pension fund – which has earmarked $4.8bn for real estate over the next 12 months – said in a board meeting document that it has approved $1bn for Fifth Street Properties, $800m for Institutional Multifamily Partners, $500m for Institutional Logistics Partners and $350m for CalEast Global Logistics (CalEast).

Fifth Street Properties is a core office building investment partnership with CommonWealth Partners, which can also make value-add investments.

Institutional Multifamily Partners is an account managed by General Investment and Development to invest in core and build-to-core apartments.

Institutional Logistics Partners is a joint venture with Bentall Kennedy, set up in March 2013.

CalEast is another industrial joint venture with GI Partners.

As at the end of June, the pension fund had $31.8bn invested in real estate, of which 78.9% was invested in core assets, above its 75% target.