The fund, CIM California Urban Real Estate Fund LP, will use themoney to target investments in commercial and residential projectsin urban areas throughout California. Sacramento-based CalPERS isthe nation's largest public pension fund, with assets totaling $177billion.
"CIM's work with local community redevelopment agencies and citydevelopers will help source good urban investments," says WilliamD. Crist, President of the CalPERS Board of Administration.
Indeed, CIM is no stranger to urban investments: It hasredeveloped sites in San Diego's Gaslamp District, Old TownPasadena and Santa Monica's Third Street Promenade. Several similarprojects are planned, and the company also has major holdings inHollywood.
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