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CalPERS Allocates $375M For CRE Investment

The California Public Employees Retirement System has allocated $375M to the Canyon Catalyst Fund, a joint venture between it and Canyon Partners Real Estate, a CalPERS spokesperson has confirmed.

San Francisco

The new capital follows a $350M allocation CalPERS made to the fund in 2017, and it will go under the management of the agency's real estate emerging manager program, IPE Real Assets reports.

Included among the companies in the manager program are San Francisco-based investment company Rubicon Point Partners and Sack Properties, an S.F.-based multifamily investment company.

The CalPERS spokesperson declined to comment further on the allocation. 

Other companies in the CalPERS program include BKM Capital Partners, Paragon Commercial Group and Pacshore Partners.

Since 2013, Rubicon and Canyon Catalyst Fund have jointly acquired several properties, including a 150K SF San Bruno, California, office complex and a 300K SF office property in San Mateo, California.

Sack Properties has also made several acquisitions in its joint venture with Canyon Catalyst Fund, including purchases of multifamily properties in Sunnyvale, California, and West Covina, California.

The Canyon Catalyst Fund has a current net asset value of $543.5M, according to IPE. In all, it will deploy up to $1B in urban markets up and down the West Coast.

CORRECTION, April 9, 2:25 P.M. PT: A previous version of this story gave an incorrect name for Canyon Partners Real Estate. The story has been updated.