Institution: California State Teachers’ Retirement System
Headquarters: Sacramento, US
AUM: $301.6 billion
Allocation to real estate: 16%
California State Teachers’ Retirement System has confirmed $1.34 billion worth of commitments across six real estate funds, following its August board meeting.
CalSTRS committed $200 million to PAG Real Estate Partners III. PAG, founded in 2002, is an independent alternative investment management group. The firm manages a diverse array of funds in private equity, real estate and absolute return strategies.
The pension fund also committed $500 million to Blackstone Real Estate Partners X and $170 million to Harrison Street European Property Partners III, extending their existing relationship with Blackstone and establishing a new one with Harrison Street.
Other commitments for H1 2022 include $225 million to BGO US Cold Storage Fund, $125 million to Greystar EP Asia I and $120 million to Greystar EP Europe I.
CalSTRS has a 16 percent allocation to real estate, which is higher than their target allocation at 14 percent for the asset class. Their recent fund commitments predominantly focus on global value-add vehicles across a variety of sectors.
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