California Public Employees Retirement System (CalPERS) has committed a further $400m (鈧�378.5m) to 鈥檚 US affordable housing strategy.
The $503bn pension fund is making the latest investment via a separately managed account, following its June 2024 announcement of a $100m investment in Nuveen Real Estate鈥檚 US affordable housing fund.
CalPERS has so far committed half a billion dollars to the Nuveen US affordable housing strategy, launched in 2023, aiming to 鈥済enerate strong risk-adjusted returns and enhance community resilience鈥� in the US by providing access to affordable housing.
Pamela West, portfolio manager for impact investing at Nuveen Real Estate, said: 鈥淭he lack of affordable housing has been a multi-decade crisis in the US. We are grateful for CalPERS鈥� continued commitment to our affordable housing strategy as we seek to support a broad range of social benefits for communities and to generate steady, accretive returns.
鈥漈his investment will preserve access to safe and deeply affordable housing while making environmentally sustainable improvements.鈥�
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