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The $2.47 billion California Public Employees’ Retirement System (CalPERS) has made a $100 million investment in the Nuveen Real Estate U.S. Affordable Housing Fund, managed by Nuveen, the investment manager of TIAA.

Launched in 2023, Nuveen’s U.S. Affordable Housing Fund seeks to generate strong risk-adjusted returns. In total, Nuveen’s portfolio comprises nearly 32,000 housing units across the United States, valued at $6.3 billion.