Investments

CalPERS Emerging Manager Program Supports California Real Estate

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Did you know that CalPERS’ Real Estate Emerging Manager Program supports revitalization in California’s urban regions? In its first five years, the program has been successful in supporting California investments in residential and commercial properties and creating value for CalPERS members and beneficiaries.

CalPERS invests in real estate through firms that acquire and manage assets on our behalf. Recently formed, high-potential firms are referred to as “emerging managers.” Since 2012, approximately $1.1 billion has been committed to emerging managers in our real estate asset class.

We follow three objectives for investing in emerging manager programs:

  • Generate investment returns
  • Access unique investment opportunities that may otherwise be overlooked
  • Cultivate the next generation of real estate firms

Our Partnership with Canyon Catalyst Fund

In 2012, we partnered with Canyon Partners Real Estate to create the Canyon Catalyst Fund, a joint venture committed to developing the next generation of real estate firms. Canyon provides a dedicated team of real estate professionals who select, mentor, and help grow emerging managers who have demonstrated a strong potential for success.

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Parc Claremont in Upland, California, a joint venture of Canyon Catalyst Fund and Sack Properties

To date, Canyon Catalyst has partnered with five California-based firms. Each firm was selected based on a proven track record and expertise in a specific real estate product type—multi-family residential, community-serving retail, technology-driven and creative office space, and multi-tenant industrial. This platform provides disciplined growth, and, in its first five years, Canyon Catalyst has outperformed the CalPERS Real Estate Program’s benchmark return.

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1870 Embarcadero in Palo Alto, California, a joint venture of Canyon Catalyst Fund and Rubicon Point Partners

Learn More

For more information on the CalPERS Emerging Manager Program, visit Emerging & Transition Manager Programs on our website.