Calpers Real Estate

We invest in a variety of real estate investment vehicles - from apartments to shopping malls. Our three-component real estate program includes partnerships, direct investments, and new investment opportunities.

Refer to our Asset Allocation information to find out how much we currently have invested in real estate.

Calpers Real Estate overview

The CalPERS real estate program is comprised of two distinct portfolios - Core and Specialized. The Core Portfolio is managed to be broadly diversified by property type and geography, maintain high occupancy, emphasize current income, and exhibit prudent use of leverage. The Core includes four property types: apartment, industrial, office, and retail. These investments are acquired and managed through REITs, separate accounts, partnerships, and limited liability corporations between CalPERS and investment advisory firms. The program has developed partnerships with various external managers whose mandate is to explore new opportunities in various real estate sectors.

The Non-Core Portfolio includes the following property types: national housing, single family housing, senior housing, urban, natural resources (timber and agriculture), technology, opportunistic, and international. Like the Core Portfolio, these investments are acquired and managed through multiple investment vehicles.

The goal of the real estate program is to perform as "the investor of choice" and leverage marketplace opportunities to achieve superior risk-adjusted returns.