CalPERS expands commitment to Nuveen real estate with an additional $400 million allocation

With $500 Million Total Allocation from CalPERS, Nuveen Underscores Commitment to Preserve Affordable Housing and Build Resilient Communities

Nuveen, the investment manager of TIAA, announced today that CalPERS, California's public sector pension and health benefits agency, is expanding its commitment to Nuveen Real Estate's affordable housing strategy with an additional $400 million allocation.

This second allocation of $400 million is made to a separately managed account (SMA) focused on affordable housing and follows the June 2024 announcement of CalPERS' $100 million investment in the Nuveen Real Estate U.S. Affordable Housing Strategy, bringing CalPERS' total commitment to the strategy to $500 million.

"The lack of affordable housing has been a multi-decade crisis in the U.S. We are grateful for CalPERS' continued commitment to our affordable housing strategy as we seek to support a broad range of social benefits for communities and to generate steady, accretive returns," said Pamela West, Portfolio Manager for Impact Investing, Nuveen Real Estate. "This investment will preserve access to safe and deeply affordable housing while making environmentally sustainable improvements."

Nuveen is one of the nation's largest, vertically-integrated institutional managers of affordable housing. The firm's U.S. affordable housing platform seeks to generate strong risk-adjusted returns and build resilience among communities in the U.S. through access to safe, quality affordable housing. In total, Nuveen's portfolio currently comprises over 32,000 housing units across the U.S., valued at over $6 billion.

The largest defined-benefit public pension in the U.S., CalPERS serves more than 2 million members in its retirement system and administers benefits for more than 1.5 million members and their families in its health program.