CalPERS and GI Partners Launch $500 Million Fund to Buy Technology Advantaged Core Real Estate
The California Public Employees’ Retirement System (CalPERS) announced today the launch of TechCore, LLC, a $500 million core real estate fund established with its real estate partner GI Partners to invest in technology advantaged properties in the United States.
The new fund, led by the Menlo Park, California-based GI Partners, will purchase data centers, internet gateways, corporate campuses for technology tenants, and life science properties located in core metropolitan cities throughout the nation and leased to industry leading tenants.
“This partnership represents the next generation of innovative investments to come in core real estate that is wired and ready to support the technology,” said Joe Dear, Chief Investment Officer for CalPERS.
TechCore is a continuation of a long-standing and successful relationship between CalPERS and GI Partners. CalPERS committed $500 million to GI Partners Fund I in 2001, an investment that generated a 31 percent net annualized internal rate of return. CalPERS committed additional capital to GI Partners Funds II and III and has awarded GI Partners select separate account mandates including CalEast Global Logistics, LLC, a transportation advantaged warehouse and logistics real estate owner and operator.
