The California Public Employees’ Retirement System (CalPERS) is setting aside $2bn (€1.87bn) of equity to potentially double the size of an existing $2.7bn retail property portfolio.

The US pension fund is committing $2bn to Global Retail Investors, a partnership managed by First Washington Realty, according to a board meeting report.

The partnership, which invests in necessity-oriented retail and shopping malls in the US was valued at $2.7bn a year ago.

Earlier this year, First Washington acquired Donahue Schriber, a retail-focused real estate investment trust, from the JP Morgan Strategic Property Fund and New York State Teachers’ Retirement System.

First Washington declined to comment on the commitment from CalPERS.

CalPERS also made a new $150m commitment to another existing partnership, the $5.2bn Institutional Multifamily Partners, managed by GID.

The pension fund also committed $2.3bn to infrastructure funds, adding new names to its roster of fund managers.

It committed $1bn to DCP C Strategic Partners, $500m to Stonepeak Infrastructure Fund IV, $500m to Digital Bridge Partners II, and $300m to Sierra Nevada Investment Partners.

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