CalPERS places nearly $2b in real estate funds

The $420.6 billion California Public Employees' Retirement System (CalPERS) has made a series of commitments to real estate funds, IREI has learned.

The list includes $750 million to Blackstone Mileway Logistics, $400 million each to CalEast Solstice and Institutional Logistics Partners, and $285 million to TechCore.

Blackstone Mileway Logistics, launched by Blackstone in February, is a closed-end fund that will invest in European last-mile logistic properties internationally, with a primary focus on Europe. A fundraising target was not known at the time of publication.

CalEast Solstice, a programmatic joint venture between CalPERS and GI Partners, will invest in industrial properties in the United States.

Furthermore, Institutional Logistics Partners, managed by BentallGreenOak, will focus on buying stabilized, core industrial properties in primary markets in the United States — principally coastal markets. CalPERS will invest 99.5 percent of the capit