The $2.47 billion California Public Employees’ Retirement System (CalPERS) has made a $100 million investment in the Nuveen Real Estate U.S. Affordable Housing Fund, managed by Nuveen, the investment manager of TIAA.

Launched in 2023, Nuveen’s U.S. Affordable Housing Fund seeks to generate strong risk-adjusted returns. In total, Nuveen’s portfolio currently comprises nearly 32,000 housing units across the United States, valued at $6.3 billion.

“This allocation invests in both safe, accessible housing and the creation of community-wide benefits, driving long-term sustainable value and impact,” says Pamela West, portfolio manager for impact investing, Nuveen Real Estate. “We see extraordinary potential in the U.S. affordable housing sector. To move the needle, we drive value through energy efficiency and community programs, including healthcare, education, financial inclusion and employment services.”

The affordability status of nearly 650,000 homes