Investors - SEPTEMBER 12, 2019

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CalPERS to commit $3.1b to core separate account partnerships

by Kali Persall

The $356 billion California Public Employees’ Retirement System (CalPERS) has earmarked $3.1 billion for six of its core real estate separate accounts, a spokesperson from the fund confirmed.

The largest allocation of $750 million will be committed to Fifth Street Partners, a $4.1 billion joint venture with Commonwealth Partners that invests in office assets across the United States.

The second-largest commitment of $700 million will go to Institutional Multifamily Partners, a $4 billion core apartment partnership with GID Investment Advisors.

In addition, GRI, a partnership with First Washington Realty that invests in grocery-anchored shopping centers, is in line to receive $500 million.

CalPERS will also commit $400 million to a residential partnership with Pacific Urban Residential.

Lastly, two industrial partnerships with Bentall GreenOak and GI Partners have received commitments of $400 million and $350 million, respectively.

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