Investors - MAY 19, 2017

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CalPERS commits $76m to CIM fund

by Jody Barhanovich

The $315.5 billion California Public Employees’ Retirement System has committed $76 million to CIM Urban Real Estate Fund.

CalPERS made the commitment to the CIM fund as a secondary transaction to consolidate its ownership with the fund, says the pension fund. In 2000, CalPERS made a $125 million commitment to a fund managed by CIM. CIM Urban Real Estate Fund makes opportunistic urban real estate investments, principally in California. It acquires and develops land and existing buildings, provides equity and mezzanine financing for others, and buys distressed debt secured by real estate.

As of April 4, 2017, CalPERS had a target allocation to real estate of 10 percent with an actual allocation or 9.3 percent.

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