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Nuveen Receives $400M from CalPERS for US Affordable Housing Fund 

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. 

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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