CalPERS to commit $76m to CIM Urban Real Estate Fund
California Public Employees Retirement System (CalPERS) is to invest $76m (€68.2m) in CIM Group’s Urban Real Estate Fund.
CIM Group, which did not comment, is understood to be raising further capital for the value-added real estate fund.
The fund will invest in major and alternative property sectors – both in existing assets and developments – across the US.
CalPERS made a $125m commitment to a fund manager by CIM in 2000.
It will place the new fund investment into its non-core portfolio, which represents one quarter of its real estate exposure.
Earlier this year, the $323bn pension fund created a new real assets allocation, consolidating its real estate, infrastructure and forestry holdings.