CalPERS to commit $3.1b to core separate account partnerships
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.