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CalPERS Earmarks $280M for Urban Real Estate Investments

SACRAMENTO, CA-The pension fund's Board conditionally approves the investment into CIM California Urban Real Estate Fund LP. Most of the funds will be spent in California cities, but up to 40% of the money will be spent in cities outside the state.

By Brian K. Miller | Updated on March 18, 2003

SACRAMENTO, CA-The California Public Employees’ Retirement System has earmarked up to $280 million to fund urban real estate investments.

The pension fund’s Board conditionally approves the investment into CIM California Urban Real Estate Fund LP. Including a September 2000 investment of $125 million, CalPERS investment in the fund of Hollywood-based CIM Group LLC could now reach $405 million.

Most of the money invested in 2000 is being spent in California cities including Brea, Los Angeles, Sacramento, San Jose, and West Hollywood. CIM will use up to 40% of the new capital to diversify the portfolio with investments in other metropolitan areas including Washington, D.C. and Boston. A source at CalPERS tells GlobeSt.com the funds will be distributed sometime in the next few months, when negotiations with CIM are complete.

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