CalPERS, the public sector pension and health benefits agency for California, is increasing its investment in Nuveen Real Estate’s affordable housing strategy by $400 million. This additional allocation will be made to a separately managed account specifically focused on affordable housing. It follows CalPERS’ initial investment of $100 million in June 2024 into the Nuveen Real Estate U.S. Affordable Housing Fund, bringing their total commitment to this strategy up to $500 million.
According to Pamela West, portfolio manager for impact investing at Nuveen Real Estate, the lack of affordable housing has been an ongoing crisis in the United States for many years. She expressed gratitude for CalPERS’ continued support and emphasized that their investments will not only provide steady returns but also contribute towards social benefits and environmentally sustainable improvements within communities.
The headquarters of CalPERS located in Sacramento is pictured above.
