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LOS ANGELES-The mammoth California Public Employees’ Retirement System has agreed to invest $125 million in an investment fund managed by Hollywood-based CIM Group LLC.

The fund, CIM California Urban Real Estate Fund LP, will use the money to target investments in commercial and residential projects in urban areas throughout California. Sacramento-based CalPERS is the nation’s largest public pension fund, with assets totaling $177 billion.

“CIM’s work with local community redevelopment agencies and city developers will help source good urban investments,” says William D. Crist, President of the CalPERS Board of Administration.

Indeed, CIM is no stranger to urban investments: It has redeveloped sites in San Diego’s Gaslamp District, Old Town Pasadena and Santa Monica’s Third Street Promenade. Several similar projects are planned, and the company also has major holdings in Hollywood.

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