
Nuveen Receives $400M from CalPERS for US Affordable Housing Fund
Nuveen, the $1.3 trillion investment manager of TIAA, announced that CalPERS is expanding its commitment to Nuveen Real Estate’s affordable housing strategy with an additional $400 million allocation to a separately managed account.
This follows CalPERS’ previous $100 million investment in the Nuveen Real Estate U.S. Affordable Housing Fund in June 2024, bringing the total commitment to $500 million.
Nuveen’s affordable housing portfolio currently includes over 32,000 housing units across the U.S., valued at over $6 billion. The investment aims to preserve access to affordable housing while implementing environmentally sustainable improvements.
“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.


