CalPERS to pump $3.1bn into core real estate partnerships
California Public Employees’ Retirement System (CalPERS) has signed off more than $3.1bn (€2.8bn) of new capital for some of its existing core real estate partnerships, according to a board meeting report.
It is more than the $2.65bn committed in 2018.
The $356bn pension fund is committing $750m alone to Fifth Street Partners, a $4.1bn joint venture with Commonwealth Partners to invest in major offices assets across the US.
The second largest allocation of capital is a $700m commitment to Insitutional Multifamily Partners, a $4bn core apartments partnership with GID Investment Advisors.
CalPERS has committed $400m to Pacific Urban Residential, another residential partnership with Pacific Urban Residential.
Two industrial real estate partnerships have also been allocated capital. Institutional Logistics Partners, managed by Bentall GreenOak, is being given $400m, while a partnership with GI Partners has been allocated $350m.
CalPERS has also committed $500m to GRI, a partnership with First Washington Realty that invests in grocery-anchored shopping centres.
CalPERS declined a request for further comment.