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alPERS has made significant investments in US real estate, committing a total of $1.4bn to four new partnerships. The pension fund's board meeting document reveals the details of these commitments.
A major allocation was made to TechCore, a technology-focused real estate partnership managed by GI Partners, with CalPERS investing $500m into this $2.9bn venture. Additionally, the pension fund committed $440m to the IDR Core Property Trust Index Fund, which tracks the NFI-ODCE Index.
CalPERS also targeted affordable housing investments through a commitment of $400m to Affordable Housing Institutional Partners. Furthermore, the pension fund invested $70m in Global Retail Investors, a necessity retail real estate investment venture managed by First Washington Realty that has generated a 6.3% total return for CalPERS over the past decade.
These new commitments demonstrate CalPERS' ongoing efforts to diversify its portfolio and achieve strong returns through strategic investments in US real estate.
