CalPERS, with approximately $212 billion in assets, is considered the nation’s largest public pension fund and administers retirement benefits for more than 1.6 million active and retired State, public school, and local public agency employees and their families. CalPERS tells GlobeSt.com that the company has been doing a top-to-bottom real estate portfolio reassessment since Eliopoulos joined the company in January 2007. Outside consultants began property valuations that year, taking one sub-asset class at a time and for the past year, CalPERS staff has been working with 24 “major” real estate partners to evaluate their performance toward the consolidation that is underway. A year ago, CalPERS tells GlobeSt.com, the first manager resignation and transfer of a portfolio involved the California Urban Real Estate program run by Victor MacFarlane of MacFarlane Partners. It was shifted to Stockbridge.

GID is a privately-owned, vertically-integrated real estate operating company with over 50 years of experience in owning, developing and managing apartment communities, flex/industrial business parks and suburban office properties throughout the US and India. Following the consolidation, GID will have ownership interests in 93 apartment communities containing 25,002 units and, including its commercial properties, in 127 properties across the US with an estimated value of $5.3 billion. In addition to producing an annualized 11.7% return since its relationship with CalPERS first began in 1998, which includes an annualized 20.5% realized return, GID, through Windsor Realty Fund-III, also generated $587.6 million in gross realized profits for CalPERS following the execution of a portfolio liquidation strategy of WRF-III in 2005.

GID says that the consolidated CalPERS portfolio, in effect, doubles GID’s total portfolio of multifamily properties directly owned and jointly owned with its various institutional co-investment partners.