CalPERS Taps GI Partners to Manage $3.4B Real Estate Portfolio

Dec 2 2010 | 7:58am ET

The California Public Employees’ Retirement System has moved management of a $3.4 billion industrial real estate portfolio to the Menlo Park-based private investment firm GI Partners.

CalPERS says GI Partners will both manage and invest in its CalEast Global Logistics portfolio, which owns and operates industrial, logistics and infrastructure-oriented real estate in the U.S. and Canada.

GI Partners has tapped former KKR partner John K. Saer Jr. to oversee the portfolio as managing director and executive chairman of CalEast business.

CalPERS first turned to GI Partners in 2000, awarding the firm an initial $500 million mandate. Since then, the GI team has returned over $1.1 billion of proceeds to CalPERS on its U.S. transactions and the overall North American portfolio has achieved an annualized net return of 30% since 2001. The latest transfer makes GI Partners responsible for assets and investments worth about $7.5 billion.

Founded in 2001, GI Partners is a leading private investment firm that focuses on control-oriented investments in asset-backed businesses and properties across North America and Western Europe.

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