The private equity giant is feeling the weight of higher interest rates on its valuations.
Calpers is the first major investor in TPG's new Next fund and Grosvenor's new Elevate strategy.
Blackstone will also add $1 billion of its current BREIT holdings into a joint venture with University of California.
The $68 billion Blackstone Real Estate Income Trust has been grappling with investors pulling money.
Some wealth advisers have been growing cautious about client exposure to illiquid assets in recent months.
Private equity is pivoting away from its corporate raider roots.
Rising interest rates threaten to drag down property values and make cheap debt harder to come by.
Agency examiners want to know if fees are being reduced when bets get written off.
Home Partners isn't first large investor to back away from the overheated housing market.
Executives are switching firms as the alternative investment business has boomed in the past decade.
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