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, an industrial joint venture between Principal Real Estate Investors and Greenberg Gibbons Properties.
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.
| Manager | Fund/Vehicle | Amount | Investment Type |
|---|---|---|---|
| CBRE Investment Management | Industrial separate account | $300m | Industrial |
| Principal Real Estate Investors & Greenberg Gibbons Properties | GGCal Industrial joint venture | $200m | Industrial |
| PCCP | PacificCal Debt II joint venture | $300m | Real estate debt |
| Starwood | Starwood Credit Real Estate Income Trust | $200m | Real estate debt |
| Greystar | Greystar Credit Opportunities Fund II | $250m | Real estate debt |
| Fairfield | US Multifamily Value-Add IV | $200m | Residential |
| Fairfield | US Multifamily Core Plus Fund III | $200m | Residential |
| Artemis | Artemis Healthcare Fund III | $300m | Alternative (Healthcare) |
| IPI Partners | IPI Partners III | $300m | Alternative (Data centres) |
| Harrison Street | Harrison Street European Property Partners IV | €100m | European property |
A previous version of this story incorrectly identified GGCal Industrial as an industrial debt fund. GGCal Industrial does not provide debt and instead invests directly in industrial assets.
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