California’s public sector pension and health benefits agency, known as CalPERS, has announced its plans to increase its investment in Nuveen Real Estate’s affordable housing strategy by an additional $400 million. This brings CalPERS’ total commitment to the strategy up to $500 million.
The new allocation will go towards a separately managed account specifically focused on affordable housing. This follows the initial announcement in June 2024 of CalPERS’ $100-million investment in Nuveen Real Estate’s U.S. Affordable Housing Fund.
According to Pamela West, portfolio manager for impact investing at Nuveen Real Estate, the lack of affordable housing has been a long-standing crisis in the United States. She expressed gratitude for CalPERS’ continued support and highlighted their shared goal of promoting social benefits within communities while also generating steady returns.
This significant investment will help preserve access to safe and deeply affordable housing while also making environmentally sustainable improvements. The headquarters of CalPERS is located in Sacramento.
