The California Public Employees’ Retirement System (CalPERS) is expanding its investment in Nuveen Real Estate's affordable housing strategy with an additional $400 million commitment.
This second allocation was made to a separately managed account focused on affordable housing. It comes after a previous $100 million investment in the Nuveen Real Estate U.S. Affordable Housing Fund in June, bringing CalPERS’ total commitments to the strategy to $500 million.
Nuveen’s U.S. affordable housing platform seeks to generate strong risk-adjusted returns and build resilience among communities in the United States through access to safe, quality affordable housing. The firm’s portfolio consists of more than 32,000 housing units across the United States, valued at more than $6 billion.
“The lack of affordable housing has been a multi-decade crisis in the U.S.,” said Pamela West, portfolio manager for impact investing at Nuveen Real Estate. “We are grateful fo
