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Nuveen Secures CalPERS Funding to Preserve Affordable Housing and Build Resilient Communities

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Allocating $100 Million to the Nuveen Real Estate U.S. Affordable Housing Strategy

Nuveen, the investment manager of TIAA, announced today that CalPERS, California’s public sector pension and health benefits agency, has made a $100 million investment in the Nuveen Real Estate U.S. Affordable Housing Strategy.

Launched in 2023, Nuveen’s U.S. Affordable Housing Strategy seeks to generate strong risk-adjusted returns and build resilience among communities in the U.S. through access to safe, quality affordable housing. In total, Nuveen’s portfolio currently comprises nearly 32,000 housing units across the U.S., valued at $6.3 billion. 

The largest defined-benefit public pension in the U.S., the CalPERS pension fund serves more than 2 million members in the CalPERS retirement system1; the agency also administers benefits for more than 1.5 million members and their families in the CalPERS health program2.

“This allocation invests in both safe, accessible housing and the creation of community-wide benefits, driving long-term sustainable value and impact,” said Pamela West, Portfolio Manager for Impact Investing, Nuveen Real Estate. “We see extraordinary potential in the U.S. affordable housing sector. To move the needle, we drive value through energy efficiency and community programs, including healthcare, education, financial inclusion, and employment services.”

The affordability status of nearly 650,000 homes are currently in need of long-term preservation. Nuveen is one of the nation’s largest, vertically-integrated institutional managers of affordable housing. The U.S. Affordable Housing Strategy aims to preserve housing for residents earning less than 80% of Area Median Income (AMI), with a large concentration of households earning less than 60% of AMI. 

“The housing crisis continues to worsen. Rent inflation and the demand for rental homes among lower income earners are outpacing supply,” said West. “We’re excited to welcome CalPERS as an investor in our strategy which seeks to support a broad range of positive social outcomes for residents and communities and to generate steady, accretive returns.”

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1 As of June 30, 2023,
2 Calendar year 2022,

Important information on risk

Investing involves risk; loss of principal is possible.

Real estate investments are subject to various risks associated with ownership of real estate-related assets, including fluctuations in property values, higher expenses or lower income than expected, potential environmental problems and liability, and risks related to leasing of properties.

Investors should be aware that alternative investments including private equity and private debt are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.

Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well. 

ESG integration is the consideration of financially material ESG factors within the investment decision making process. Financial materiality and applicability of ESG factors varies by asset class and investment strategy. ESG factors may be among many factors considered in evaluating an investment decision, and unless otherwise stated in the relevant offering memorandum or prospectus, do not alter the investment guidelines, strategy, or objectives. Select investment strategies do not integrate such ESG factors in the  investment decision making process.

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