Calpers takes $100m stake in real estate adviser

The largest US public pension scheme has invested $100m in a real estate investment advisory firm

The largest public pension scheme in the US has bought a one-third stake in one of North America’s largest real estate investment advisers, despite becoming more conservative on the sector in recent months.

The $228bn California Public Employees' Retirement System, Calpers, has invested about $100m in Bentall Kennedy, which is owned by the British Columbia Investment Management Corporation and the firm's own senior management team.

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