CalPERS Adds Invesco Real Estate as Multifamily Real Estate Manager

According to the press release, “The California Public Employees’ Retirement System (CalPERS) has selected Invesco Real Estate as a new manager for its Multifamily Real Estate Program. The partnership, named Institutional Core Multifamily Investors, will invest in multifamily properties, focused in the western US region.

“Invesco Real Estate’s extensive experience and proven track record in multifamily investing make them a great fit for this program,” said Joe Dear, CalPERS Chief Investment Officer. “We’re excited to work with them as we identify and acquire multifamily assets with both strong returns and the potential for future appreciation.”

The Institutional Core Multifamily Investors partnership is a multiyear program that will fund with an initial allocation of $250 million. The partnership will seek to build a stable income-oriented portfolio of institutional-quality core apartment assets focusing on select target markets in the West and Midwest U.S.

“We believe adding a measured allocation to high-quality apartment assets will enhance the overall risk and return profile for CalPERS investment portfolio,” said Ted Eliopoulos, Senior Investment Officer for CalPERS real estate program.

CalPERS currently holds approximately $2 billion in assets in its multifamily program, with a total of $24.5 billion in the Real Assets portfolio.”

Read more: CalPERS Press Release

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