The California Public Employees’ Retirement System (CalPERS) has committed $1.4 billion to four real estate investment vehicles, including TechCore, Core Property Index Fund, Global Retail Investors and U.S. Affordable Housing Fund.
TechCore, a joint venture with GI Partners, received up to $500 million. This core vehicle invests in data centers, internet gateways, corporate campuses for technology tenants and life sciences properties in North America. The venture was established in 2012.
IDR Investment Management’s Core Property Index Fund, an open-end, core fund, received up to $440 million. This fund is one of the first designed to track the NCREIF Fund Index – Open-end Diversified Core Equity (NFI-ODCE), as it mirrors the metrics of property-type weightings, regional diversification, number of properties, leverage and occupancy to achieve results close to the NFI-ODCE return. A fundraising goal has not been determined.
Global Retail Investors, a joint
