CalPERS commits $210m to multifamily JV
The nation’s largest pension fund is adding to its multifamily holdings. The California Public Employees’ Retirement System committed another $210 million to Pacific Multifamily Investors, its joint venture with Pacific Urban Residential, according to recently released board documents.
The joint venture, which invests in class B multifamily assets in the western United States, launched in January 2014 with a $200 million seed investment from the $296.1 billion retirement system. The venture targets “a stable income-oriented portfolio of institutional-quality core apartment,” according to a statement at the time of the joint venture’s launch.
Despite returning only 0.8 percent during third quarter 2014, 2.2 percent short of its benchmark, CalPERS’ $25.2 billion real estate portfolio had a 13.1 p