CalPERS plans to select a real estate adviser to oversee a new $500 million investment program capitalizing on the convergence of the technology and real estate industries.
Next week, the $175 billion California Public Employees Retirement System, Sacramento, will send RFIs to the following firms, said spokesman Brad Pacheco: AEW Capital Management; Bank of America Securities; Chase H&Q; Lehman Brothers; Morgan Stanley; PaineWebber; RREEF Funds; TA Realty; and Thomas Weisel Partners. More names might be added to the list. Interviews are scheduled for late June and July.
The system wants to broaden its $8.3 billion real estate portfolio by investing in companies and properties likely to benefit from the development of real estate technology infrastructure and services.