fund
Ares U.S. Real Estate Fund XI
In PWD coverage since September 11, 2026 · 1 story
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allocators
CalPERS's real estate allocation gap made it a buyer, and Ares took both first-quarter checks
Real estate sits at roughly 8.8 percent of a $627.7 billion plan against a 10 percent target, so CalPERS had to keep writing checks—and in the first quarter both went to Ares.