CalPERS commits USD 190 million to third Brazil-focused joint venture with Hines

by Forena Akthar

  • 29 Sep 2010
  • RE

The USD 205.1 billion California Public Employees' Retirement System (CalPERS) has committed USD 190 million to a USD 200 million joint venture with Hines to invest in Brazilian real estate. Hines CalPERS Brazil III (HCB III) is the third Brazil-focused joint venture between the two organizations. CalPERS has gained exposure to office, industrial and residential properties in Brazil through its previous partnerships with Hines. It allocated USD 95 million to HCB I, and USD 285 million to HCB II. Hines also makes investments in global property markets on behalf of CalPERS, including Mexico, China and Europe.

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