California State Teachers Retirement System (CalSTRS) has been a net investor of real estate in the first half of 2023, having invested around $1.4bn (€1.3bn) and offloading just under $1bn worth of assets.
Real estate investments CalSTRS made during the first half the the year, included placing $797m into the Pacific Cal Debt II joint venture with PCCP, and investing $200m into LDP Cal I, a controlled multifamily venture controlled by CalSTRS and managed Jair Lynch Real Estate Partners.
CalSTRS controls the approval of each investment for the capital in the PCCP relationship that invests in core real estate debt in the US.
LDP Cal I’s capital will be invested in a diversified portfolio of core, value-add and opportunistic transactions.
CalSTRS also placed a $100m each to co-invest alongside the BGO US Cold Storage Fund and Harrison Street Real Estate Partners IX funds to target industrial and speciality properties respectively.
The pension fund also made a $100m commitment to Fairfield US Multifamily Value Add Fund IV, and made a $66m co-investment into The Urban Vision Fund, to target value-add retail real estate opportunities.
As of 30 June this year, real estate amounted to $50.7bn or 16.1% of the pension fund’s total asset plan compared to a 15% allocation target for the asset class.
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