CalPERS will set aside $150 million for a new affordable multifamily housing investment program proposed by state Controller Kathleen Connell. The $158 billion California Public Employees’ Retirement System, Sacramento, expects to launch a search in August to hire up to three advisers to run the program, with selection targeted for November. A similar proposal from Ms. Connell will be considered by the $100 billion California State Teachers’ Retirement System, Sacramento, at a later date.
Separately, CalPERS picked four real estate managers to invest in California urban properties: Buchanan Street Partners and Capri/Capital Advisors, $60 million each; and Institutional Housing Partners and American CityVista, $40 million each.
