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Key Takeaways
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CalPERS committed $800M to real estate in Q1 2026, directing both investments to vehicles managed by Ares Management.
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Ares US Real Estate Fund XI received $450M, while its affiliated co-investment vehicle received another $350M.
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CalPERS reported $55B in real estate assets at year-end 2025 against a 10% target allocation to the asset class.
Institutional Real Estate, Inc. reports that CalPERS made $800M of Q1 2026 real estate commitments through two Ares Management vehicles. The California pension system allocated $450M to Ares US Real Estate Fund XI and $350M to the affiliated Ares US Real Estate Fund XI Co-Invest.
The Details
Ares US Real Estate Fund XI is a closed-end, value-add strategy with a $3.1B fundraising goal. The fund targets US growth markets with diversified economies, established transportation networks and long-term growth potential. CalPERS paired its $450M fund commitment with a separate $350M commitment to the co-invest...