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CalPERS adds $460m to retail property JV

The $345bn US public pension bolsters its mall partnership with an advisory firm.

The California Public Employees’ Retirement System (CalPERS) allocated an additional $460 million to its joint venture with Miller Capital Advisory (MCA) focusing on malls and retail assets.

The $5.6 billion joint venture program, IMI-Base, is a “core-oriented investment platform focused on high quality, market dominant, fashion-oriented retail properties” across the United States, according to MCA’s website. As of December 2017, IMI-Base had attained a trailing 3-year net IRR of 18 percent.

CalPERS, a $345 billion US public pension, has a target allocation to private real estate of 11 percent that currently stands at 8.8 percent. Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.