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Latest News  + Alternative Assets  + Real Estate  |  November 20, 2024
Nuveen Receives $400M from CalPERS for US Affordable Housing Fund 
Joe Palmisano
By: Joe Palmisano

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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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