SACRAMENTO—The nation’s largest public pension fund has brought on a partner to help it manage its multifamily investments. The California Public Employees’ Retirement System has tapped Invesco Real Estate to oversee its Multifamily Real Estate Program.

Under the multiyear program, dubbed Institutional Core Multifamily Investors, the firms will look to build a stable, income-oriented portfolio of institutional-quality core apartment assets. The fund, which will target select markets in the West and Midwest, will have an initial allocation of $250 million.

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