The California Public Employees’ Retirement System emerged as a major investor in commercial real estate debt through the third quarter of 2022, with the pension fund allocating $2.43 billion to the sector.
Other major investors include the Teachers Retirement System of Illinois and Texas Municipal Retirement System, which made investments of $1.1 billion and $900 million respectively, according to data from Real Estate Capital USA.
The commitments come as commercial real estate debt strategies showed resilience with pension funds and other institutional investors, with about $28 billion raised for debt strategies through the end of the third quarter.
In all, the 20 largest investors committed just above $12 billion to the sector during that period.
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