CalPERS today approved a $100 million increase to its California Urban Investment Partnership a joint venture between Johnson/MacFarlane Partners and the Sacramento-based fund following a contentious debate. The $172 billion California Public Employees Retirement System doubled the staff recommendation, while turning down a staff-recommended $50 million additional allocation to RREEF.
The board also voted down a proposal by State Controller Kathleen Connell to allocate an additional $100 million to its Southern California urban infill program, doubling its size to make it equal with the $200 million Northern California program. The CalPERS board and staff are considering converting the two CUIP programs into one statewide program.
The staff is to return to the board in October with a proposed process for allocating additional assets in the statewide urban area.