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SACRAMENTO, CA-CB Richard Ellis Investors, LLC has been selected by the California Public Employees’ Retirement System to manage their Joint Real Estate and Alternative Investment Management Technology Program. The $500 million program invests in real estate and related assets and seeks opportunities to capitalize on the convergence of the technology and real estate industries.

Possibilities include companies developing new technologies for the real estate industry as well as providing space and services to companies in high-growth industries. CalPERS is expected to use the new fund to acquire properties in tech-heavy markets, including the Silicon Valley, and the Research Triangle in Raleigh/Durham. According to Richard A. Magnuson, Executive Managing Director at CB Richard Ellis Investors, the merging of the real estate industry with technology provides a unique opportunity to beef up the bottom line. “The Fund will target investments in the companies and real properties which are leaders of this convergence in North America and Europe.”

Tech isn’t exactly a new industry for CalPERS. Already, the system holds interests in PropertyFirst.com, the California-based commercial property listing service. Additionally, CalPERS has invested in Broadband Communications, based in Falls Church, VA and Allied Riser Corporation out of Dallas. Both firms specialize in broadband data, video and voice communications.

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