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Washington State earmarks $750m for RE partner

The pension plan has committed a total of $3.3 billion to Calzada Capital Partners in the last three years.

Washington State Investment Board (WSIB) committed an additional $750 million to real estate manager Calzada Capital Partners on Thursday.

The pension plan made an initial allocation of $250 million to the Chicago-based private equity real estate firm upon its founding in 2013, and has since committed a total of $3.3 billion to the firm, a spokesman for the fund said.

Calzada invests in real estate operating companies primarily in the US and in Spanish-speaking Latin America, according to its website. The firm is led by Richard Cline and Raymond Flores, who previously managed investments for WSIB for many years. When Calzada was founded, WSIB transferred Hometown America, Corporate Properties of the Americas, PBSC Holdings and Terramar Retail Centers, which comprised a total of 20.2 percent of Washington State’s real estate portfolio as of September 30, 2013, according to the pension system’s website. Calzada currently oversees more than $6 billion in assets under management, according to its website.

Washington State had $104.9 billion of assets under management as of December 31, of which $12.3 billion was invested in real estate. In the calendar year, real estate returned about 15 percent, according to the pension plan’s quarterly report.