California State Teachers Retirement System’s (CalSTRS) $48.4bn (€44.5bn) real estate portfolio outperformed its custom benchmark, despite recording a -9.8% return in the fiscal year ended 30 June 2024.
The $341.4bn educator-only US pension fund said its real estate portfolio outperformed the NFI-ODCE Value-Weighted Index which posted a -12% net return during the same period.
As of the end of June this year, real estate accounted for 13.9% of CalSTRS’s overall portfolio, compared with a 15% allocation target for the asset class.
The pension fund said its $19.9bn inflation-sensitive portfolio, which includes around $11.1bn of infrastructure investments, recorded a 6.4% return, outperforming its benchmark’s 5.2% return.
Overall, CalSTRS posted an 8.4% net return on investments for the fiscal year ended 30 June 2024.
A previous version of this article incorrectly stated the pension fund’s real estate returns in the headline and opening paragraph. The error has been corrected.
To read the latest IPE Real Assets magazine click here.
