California Public Employees' Retirement System, Sacramento, hired Pacific Urban Residential for its multifamily real estate program, giving it an initial $200 million, according to a news release on Friday.
Pacific Urban Residential will manage an income-oriented portfolio of apartment assets in major markets in western U.S. states for the $282.8 billion pension fund through a partnership, called Pacific Multifamily Investors.
CalPERS holds approximately $2.5 billion in assets in the multifamily program, which is part of its $27 billion real assets portfolio.