The $420.6 billion California Public Employees' Retirement System (CalPERS) has placed $500 million in the IDR Core Property Index Fund, a vehicle managed by Investors Diversified Realty and benchmarked against the NCREIF Fund Index – Open-end Diversified Core Equity (NFI-ODCE).
The IDR Core Property Index Fund launched in 2018 and had $4 billion in assets under management as of August 2022.
The fund has closely replicated the return performance of the NFI-ODCE with less than 12 basis points of tracking error since the fund’s launch. The NFI-ODCE has been tracking market performance for the past 45 years and is considered to be among the most comprehensive benchmarks for U.S. private real estate. More than 75 percent of global institutional real estate investors use NFI-ODCE as their benchmark.
As of Aug. 31, CalPERS had a 16.1 percent allocation to real assets, which includes real estate. The portfolio was valued at $71.6 million.
The pension fund co
