Urban revitalization builds on dual goals.(Pension Funds)

Pensions & Investments, February, 2007 by O'Connor, Cecily

Byline: Cecily O'Connor U.S. pension funds are earmarking a total of about $7.1 billion toward urban renewal efforts, with the dual goal of spurring returns and revitalizing cities. The funds announced commitments of $1.1 billion in 2006 alone, according to the Pension Funds and Urban Revitalization Initiative, which is affiliated with the Pensions and Capital Stewardship Project of the Labor and Worklife Program, Harvard Law School, Cambridge, Mass.

Most investment activity came from the $228.7 billion California Public Employees' Retirement System and the $157.8 billion California State Teachers' Retirement System, both of Sacramento. CalPERS announced a $500 million commitment in June as part of the California Initiative Program, which was begun in 2001...

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