Investors - MARCH 18, 2013

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CalPERS invests $250 million in industrial partnership

by Andrea Waitrovich

The $255 billion California Public Employees’ Retirement System (CalPERS) has committed $250 million into the Institutional Logistics Partners partnership, a U.S. industrial core property partnership with real estate manager Bentall Kennedy. 

CalPERS has an 8.4 percent actual allocation to real estate with a 10 percent target goal. The pension fund seeks to invest 75 percent of its real estate portfolio in stable incoming-producing properties as part of its restructuring real estate strategic plan. Previously, the fund had substantial high-return property investments, many of which underperformed during the past few years.

Its portfolio includes a one-third stake in Bentall Kennedy, which CalPERS bought in June 2012 for $100 million. Other recent core investment activities include the $480 million purchase of Russell Investments

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