CalPERS committed a total of $500 million to Nuveen’s domestic affordable housing strategy, said Abram Arredondo, spokesman for the $522.4 billion pension fund.
The commitment by the California Public Employees’ Retirement System, Sacramento, was made up of a $400 million separately managed account focused on affordable housing and a $100 million commitment to Nuveen Real Estate U.S. Affordable Housing Fund.
“The lack of affordable housing has been a multi-decade crisis in the U.S.,” said Pamela West, Portfolio Manager for Impact Investing, Nuveen Real Estate in a news release. “This investment will preserve access to safe and deeply affordable housing while making environmentally sustainable improvements.”