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CalPERS Upsizes Nuveen Affordable Commitment to $500M
The California Public Employees Retirement System (CalPERS), California’s public sector pension and health benefits agency, is expanding its commitment to Nuveen Real Estate’s affordable housing strategy with an additional $400-million allocation.
This second allocation is being made to a separately managed account focused on affordable housing. It follows the June 2024 announcement of CalPERS’ $100-million investment in the Nuveen Real Estate U.S. Affordable Housing Fund, bringing CalPERS’ total commitment to the strategy to $500 million.
“The lack of affordable housing has been a multi-decade crisis in the U.S.,” said Pamela West, portfolio manager for impact investing, Nuveen Real Estate. “We are grateful for CalPERS’ continued commitment to our affordable housing strategy as we seek to support a broad range of social benefits for communities and to generate steady, accretive returns. This investment will preserve access to safe and deeply affordable housing while making environmentally sustainable improvements.”
Pictured: CalPERS headquarters in Sacramento.
- ◦Financing
