The California Public Employees’ Retirement System (CalPERS) and Hines, the international real estate firm, have earned a profit of $160 million from a Brazilian fund that has closed after selling its office, residential and logistics projects in São Paulo, Rio de Janeiro, Curitiba, and other cities in the State of São Paulo.
The investment in the Hines CalPERS Brazil Fund I generated a 60 percent internal rate of return. CalPERS invested $95 million in the fund, which was formed in 2005 with $100 million in equity.
The investment in the Hines CalPERS Brazil Fund I generated a 60 percent internal rate of return. CalPERS invested $95 million in the fund, which was formed in 2005 with $100 million in equity.
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