CalSTRS confirms $50m commitment

The Sacramento-based public pension has backed SoLA Impact's core real estate vehicle.

Institution: California State Teachers’ Retirement System
Headquarters: Sacramento, US
Total AUM: $319.8 billion
Allocation to alternatives: 27.6%

California State Teachers’ Retirement System has approved a $50 million commitment to Black Impact Fund, a contact at the pension confirmed to PERE.

Managed by the Los Angeles-based SoLa Impact, Black Impact Fund has a target size of $1 billion. The fund, which entered the market in January 2022, will target real estate investment opportunities in the North America region with a core strategy.

As illustrated below, CalSTRS’s private real estate commitments have been mostly to North American vehicles employing core, core-plus and opportunity strategies. The pension has a 14 percent target allocation to real estate that currently stands at 13.59 percent.

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