Breaking: CalPERS Plans to Invest $6.33B in Real Estate
The California Public Employees' Retirement System plans to invest $6.33B in funds and joint ventures with about one dozen real estate managers for the new fiscal year, according to its $301B annual investment plan disclosed on Tuesday. CalPERS has partnerships with the firms, which vary in industry from multifamily to retail. The largest sum, $1.67B, will go to Fifth Street Properties, whose partner, CommonWealth Partners, has an office-focused JV with CalPERS, and will receive $101M itself. After that, $992M will go to Institutional Multifamily Partners, a partner since 2010. Other firms receiving funds are Institutional Mall Investors for $750M, Menlo Park and two JVs for $633.56M and Institutional Logistics Partners for $400M. This year's pension plan's real estate allocations stand as one of the largest to the asset class, just $300M shy of last year. [PERE]
