CalSTRS commits $2.3bn to real estate managers in first half 2025

California State Teachers Retirement System (CalSTRS) made $2.35bn (€2bn) worth of real estate investments during the first half of the year to target industrial, residential, debt and alternative property types.

The pension fund said it allocated $300m to a new core, value-add and opportunistic industrial separate account with CBRE Investment Management.

CBRE IM declined a request for comment.

CalSTRS also placed $200m into GGCal Industrial, a joint venture between Principal Real Estate Investors and Greenberg Gibbons Properties that provides debt secured by industrial assets.

At the end of the first quarter of 2025, CalSTRS had 27% of its real estate portfolio invested in industrial assets, compared to 36% for its benchmark, the ODCE Index.

CalSTRS made core real estate debt investments by committing $300m to the PacificCal Debt II joint venture relationship managed by PCCP, placing $200m into the Starwood Credit Real Estate Income Trust and committing $250m to the Greystar Credit Opportunities Fund II fund.

The pension fund also issued a €100m investment to the Harrison Street European Property Partners IV fund.

CalSTRS said it invested $200m in each of Fairfield’s US Multifamily Value-Add IV and US Multifamily Core Plus Fund III residential funds.

The pension fund also approved a $300m commitment to the Artemis Healthcare Fund III and an equal amount for IPI Partners III to invest in data centres, adding to its alternative property exposure.

To read the latest IPE Real Assets magazine click here.