CalPERS Commits $500M to Nuveen Real Estate Fund

The California Public Employees’ Retirement System (CalPERS) has made an investment totalling $500M in the real estate fund of TIAA-affiliated company Nuveen.

Nuveen Real Estate US Affordable Housing Strategy received an initial $100M investment from the pension in June, with it now announcing it has agreed to a second additional allocation of $400M. Nuveen said its fund, launched in 2023, intends to “generate strong risk-adjusted returns” while providing communities access to affordable housing. To date, the TIAA investment manager currently holds a $6B portfolio of over 32,000 housing units in the US. 

CalPERS oversees plan assets valued at $520B, with a 15% allocation in real estate strategies, as reported by Dakota on March 21. 

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