CalPERS commits $600m to multifamily, industrial assets

The $330 billion California Public Employees’ Retirement System has approved $600 million in commitments to multifamily and industrial investments, according to a board meeting document.

In its first allocation, CalPERS invested $250 million with Pacific Urban Residential for its Pacific Multifamily Investors partnership. The partnership began in 2014 when CalPERS selected Pacific Urban Residential as a new manager for its Multifamily Real Estate Program. The partnership invests in class B multifamily properties in the western United States, targeting regions such as the San Francisco Bay Area.

CalPERS previously committed $320 million to Pacific Multifamily Investors in 2016. It also committed $210 million to the program in February 2015, with an additional commitment of $391 million in September of the same year.

Its second allocation was $350 million to its Institutional Logistic Part