NEW
YORK, Nov. 20, 2024 /PRNewswire/ -- 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 Fund, 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.
Media Contact
E-Soo Kim
| E-Soo.Kim@nuveen.com | 551-224-4919
About Nuveen
Nuveen, the investment manager of TIAA,
offers a comprehensive range of outcome-focused investment
solutions designed to secure the long-term financial goals of
institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of
30 Sept 2024 and operations in 27
countries. Its investment specialists offer deep expertise across a
comprehensive range of traditional and alternative investments
through a wide array of vehicles and customized strategies. For
more information, please visit www.nuveen.com.
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SOURCE Nuveen