CalSTRS deploys $3bn across real estate equity and debt

California State Teachers Retirement System (CalSTRS) approved close to $3bn (€2.6bn) worth of real estate commitments during the second half of 2025.

The $397bn pension fund said it made a $500m commitment to IDR Industrial Index Fund, a core fund which tracks the open-ended US industrial funds of the ODCE Index.

The fund’s manager, IDR Investment Management, did not respond to a request for comment.

CalSTRS also placed $200m into the LaSalle European Value Trust, a joint venture with LaSalle Investment Management. The partnership will invest in value-add assets across major European markets, targeting a diversified mix of property types.

The pension fund also approved a $200m commitment to the LaSalle Property Planet Protection, a fund that targets value-add opportunities across various property sectors.

LaSalle declined a request for comment.

CalSTRS said it made a €100m commitment to Ardian European Self-Storage Fund, a fund that invests in value-add self-storage assets in Europe. 

The pension fund also invested in real estate debt via a $400m allocation to TPG Real Estate Credit Opportunities, a $250m commitment to the Pearlmark Co-Investment Vehicle and a $100m commitment to the PCCP Credit XI Fund.

CalSTRS increased its exposure to alternative property types with a $250m commitment to the third tranche of its Lineage manufactured housing joint venture. The pension fund also allocated an additional $150m to the Artemis Healthcare Fund III fund.

Other new commitments during the period include $200m to Heitman for a value-add strategy and $200m to the Greenberg Gibbons GGCal joint venture, which focuses on industrial assets. 

CalSTRS also approved $300m to Harrison Street and placed $28m into the PCCP PCal V joint venture.

To read the latest IPE Real Assets magazine click here.