SEATTLE-The California Public Employees' RetirementSystem's recent $100-million ownership investment inBentall Kennedy was a good fit for severalreasons, Gary Whitelaw, the real estate investment advisory firm’sCEO, tells GlobeSt.com. Among them are the pension fund’s long-termcompatibility with Bentall Kennedy, its commitment toenvironmental, social and corporate governance,and its agreement that the firm should stay focused on operationalexcellence at the property level.

This week, CalPERS became a one-third owner inBentall Kennedy, acquiring an ownership interest that had been heldfor the past two decades by Ivanhoe Cambridge, thereal estate subsidiary of the Caisse de depot et placementdu Quebec. The remaining two-thirds limited partnershipownership is evenly split between the British ColumbiaInvestment Management Corp. and Bentall Kennedy’s seniormanagement team.

“We’ve had this model for over a decade now where we’ve had twosignificant institutional partners that are members of the firm:bcIMC and Ivanhoe Cambridge,” Whitelaw tellsGlobeSt.com. “Cambridge’s involvement was a successful relationshipfor us both, but their strategic plan had changed. We wanted tocontinue to extend that model with another strategic partner whowas like-minded in strategy, core goals and values. We wanted tolearn from them and be better managers.”