California State Teachers Retirement System (CalSTRS) has approved $700m (€652.4m) worth of commitments into two funds managed by real estate investment manager PCCP.

CalSTRS said it has placed $400m into Workforce Housing REIT, a value-add fund expected to invest in a diversified portfolio, and invested $300m into Safari II REIT, a core fund that targets multiple property types.

PCCP declined to comment on this information when contacted for this article.

CalSTRS has also placed $400m into 3650 Cal Bridge Lending, the real estate debt joint venture it established with 3650 REIT in 2018. The joint venture was valued at $767m as of the first half of last year.

The pension fund also issued $150m to Beacon Capital Strategic Partners 9, a value-add US office fund. Beacon Capital Partners declined a request for comment.

CalSTRS also issued $300m into PrinCal, a joint venture that targets retail properties.

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