Preferred Equity Gets a Boost: Pension Funds Pour $15 B into CRE “Gap Capital”—Here’s How Brokers Can Tap It

From stalled ground-ups to value-add rehabs, a fresh wall of pension money is flowing into the middle of the capital stack. Learn what it is, why it exploded in 2025, and how to match your clients’ deals with this newly abundant funding source. 1 | The News Behind the Wave April 2025: CalPERS, CalSTRS, and … Preferred Equity Gets a Boost: Pension Funds Pour $15 B into CRE “Gap Capital”—Here’s How Brokers Can Tap It