CalPERS' Real Estate Program consists of five segments:

  • Commercial
  • Consumer
  • Residential
  • Specialized
  • International

To reduce risk, Real Estate focuses on U.S. core assets with moderate leverage. Real Estate maintains strategic separate account relationships while moving toward fewer external manager relationships. The 2016 Real Estate Strategic Plan (PDF) also outlines plans to work towards goals set for ESG and Real Estate Emerging and Transition Manager Programs.

Primary Investments: High-quality core assets in traditional product types such as office, industrial, multifamily, and retail

Geographic Focus: U.S.

Investment Division: Real Assets

Current Portfolio Size: View CalPERS Investment Fund Values.

Investment Proposals: If you're interested in submitting a proposal to the Real Estate Program, visit Investment Proposal Submission.

External Managers: View list of CalPERS Real Estate External Managers and contact information.

Emerging Manager Program: The Real Estate Program is actively engaged in an Emerging Manager Program. CalPERS investment staff select advisers for the program, and these advisers actively seek emerging manager investment opportunities. Find more information on Emerging & Transition Managers, including a list of current emerging manager advisers. You may also submit an investment proposal to CalPERS staff, and if appropriate, staff will refer you to an emerging manager adviser.

Energy Optimization Initiative: We seek to systematically identify, implement, and track economically attractive opportunities to enhance portfolio returns and reduce emissions through activities such as the Real Estate Energy Optimization Initiative (PDF).


View all Investment Policies.

View CalPERS Beliefs for our views on public pension design, funding, and administration.