CalSTRS approves $450m in commitments

The US public pension has backed two North American real estate vehicles.

Institution: California State Teachers’ Retirement System
Headquarters: Sacramento, US
AUM: $310.8 billion
Allocation to alternatives: 29.42%

California State Teachers’ Retirement System has confirmed commitments of $150 million each to Artemis Real Estate Partners Healthcare Fund II and AEW Value Investors Asia IV, a contact at the firm informed PERE.

CalSTRS also confirmed a further $150 million commitment to a co-investment fund running alongside the Artemis vehicle.

Artemis Real Estate Partners Healthcare Fund II is in market seeking $1 billion in investor capital. Having launched in December 2020, the vehicle had raised $435.5 million as of September. AEW Value Investors Asia IV held a final close at $1.54 billion in September, having exceeded its capital target of $1.2 billion.

The $310.8 billion US public pension has a 14 percent target allocation to real estate that currently stands at 12.55 percent.

As illustrated below, CalSTRS’ recent real estate commitments have primarily focused on North American healthcare vehicles that target a core-plus strategy.

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