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CalPERS acquires additional stake in CIM fund

by Jody Barhanovich

The $315 billion California Public Employees’ Retirement System has acquired an additional $76 million stake in CIM Urban Real Estate Fund via a secondary transaction, according to board documents.

CalPERS originally committed $125 million to CIM Urban Real Estate Fund in December 2000, according to previous documents. Other investors in the opportunistic real estate fund, which is managed by CIM Group, include the $188.7 billion California State Teachers’ Retirement System, which allocated $245 million.

CIM’s opportunistic strategy is focused on making equity and debt investments in repositioning and development of retail, residential, office, parking and hotel properties. Since 1994, CIM has made more than 100 opportunistic investments.

As of April 2017, CalPERS had a target allocation to real estate of 10 percent with an actual allocation of 9.3 percent.

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