SACRAMENTO, CALIF. — Nuveen Real Estate has received an allocation of $400 million from the California Public Employees Retirement System (CalPERS) for the company’s Nuveen Real Estate U.S. Affordable Housing Fund. Nuveen states that the fund, which launched in 2023, aims to preserve housing for renters earning less than 80 percent of the area median income (AMI), with a concentration of households earning less than 60 percent of AMI.
This allocation follows CalPERS’ previous $100 million investment to the fund in June 2024, bringing CalPERS’ total commitment to the fund to $500 million.
Nuveen is a Chicago-based investment manager and a subsidiary of financial planning firm TIAA. The company’s affordable housing portfolio currently consists of approximately 32,000 housing units across the nation, valued at $6 billion.
CalPERS is an agency of the California executive branch. The agency manages pension and health benefits plans for California public employees, retirees and their families. CalPERS currently serves about 2 million members in its retirement system and administers benefits for 1.5 million members and their families in its health program.