CalPERS hired Invesco Real Estate to manage an initial allocation of $250 million as part of its multifamily real estate program, according to a CalPERS news release.
The partnership, called Institutional Core Multifamily Investors, is a multiyear program that will seek to build a stable income-oriented portfolio of institutional-quality core apartment assets focusing on select markets in the West and Midwest, according to the release.
The $258.3 billion California Public Employees' Retirement System, Sacramento, currently has about $2 billion in assets in its multifamily program and $24.5 billion in its real assets portfolio.
CalPERS spokesmen were not immediately available for additional information.
