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Pension Funds

CalPERS puts another $350 million in to real estate emerging managers program

Additional money brings total allocation to $1 billion

CalPERS allocated an additional $350 million to its real estate emerging managers program, a discretionary separate account managed by Canyon Partners Real Estate, said a Tuesday news release from the $338.8 billion Sacramento-based pension fund.

The additional $350 million brings the California Public Employees' Retirement System's total allocation to its real estate emerging managers program to $1 billion.

The program, launched in 2012, now invests in office, retail, industrial, multifamily and mixed-use projects in urban markets across California with five emerging managers — Rubicon Point Partners, Pacshore Partners, Paragon Commercial Group, Sack Properties and BKM Capital Partners. The program expects to add investments in the self-storage and student housing sectors and expand its geographic focus to the Phoenix, Portland and Seattle metro areas, the news release said.