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Article: Urban revitalization builds on dual goals.(Pension Funds)
- Article from:
- Pensions & Investments
- Article date:
- February 5, 2007
- Author:
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...