CalPERS to invest $1.9b in U.S. office, multifamily partnerships

The $330 billion California Public Employees’ Retirement System plans to invest $1.2 billion in the Fifth Street Properties partnership and $700 million in Institutional Multifamily Partners partnership, according to a board meeting agenda document for the pension fund’s investment commitment meeting on Sept. 18.

Fifth Street Properties, managed by Los Angeles–based CommonWealth Partners, is a national investment partnership for office buildings and tends to buy properties on the East and West coasts of the United States. The investment strategy for Fifth Street Properties falls in line with what CalPERS wants to do in real estate from a risk perspective.

CommonWealth also invests in U.S. office assets, with properties in markets such as Chicago, Denver, New York, San Francisco and Washington, D.C.

In 2015, CalPERS also invested $1.5 billion to be partially invested in San Francisco and Seattle office properties through the Fifth Street Properties partne