CalPERS Allocates $2B To Midsized RE Firms
One of the country’s largest public pension systems will allocate $2B to five midsized real estate managers by 2020.
CalPERS announced its new Emerging Manager Program this month. Through the program, the California pension fund will allocate funds to investment managers lacking the size and experience needed to compete against more established direct investment mandates.
CalPERS said it will make commitments between $50M and $300M to individual real estate investment managers. Applications for the program will be accepted starting July 2017, PERENews reports.
“Our objective for investing with emerging and transition managers is to generate appropriate risk-adjusted investment returns by identifying early funds with strong potential for success,” CalPERS investment irector Laurie Weir says. [PERE]
