The California Public Employees’ Retirement System (CalPERS) committed $800 million to real estate in first quarter 2026, with both investment vehicles managed by Ares Management.
Ares U.S. Real Estate Fund XI received $450 million for its closed-end, value-add strategy with a fundraising goal of $3.1 billion. The fund pursues investments in U.S. growth markets with diversified economies, well-developed transportation networks and long-term growth potential.
CalPERS also committed $350 million to an affiliated Ares fund, Ares U.S. Real Estate Fund XI Co-Invest.
CalPERS, a public pension fund, had $627.7 billion in total assets under management, as of March 31. As of Dec. 31, 2025, it had $55 billion in total real estate assets with a 10 percent real estate allocation target.
