CalSTRS discloses 2017 Q4 commitments

The $236bn US public pension makes seven commitments to value-added and opportunisitic strategies.

The California State Teachers’ Retirement System (CalSTRS) disclosed its private real estate commitments from the fourth quarter of 2017 in its semi-annual investment committee report. The $236 billion US pension fund invested in seven closed-end funds for an overall total of more than $1 billion.

According to the report, CalSTRS backed five value-added funds, committing $300 million to Beacon Capital VIII, €125 million ($154.6 million) to Meyer Bregman Europe Retail; $150 million to CrossHarbor Strategy Debt Fund; and $100 million each to AEW Value Investors Asia Fund III and Artemis REP Healthcare Fund I.

CalSTRS also allocated $100 million each to two opportunistic funds: LaSalle Asia Opportunity V and Partners Group Secondary 2017.

In addition, the pension fund revealed 14 joint venture and coinvestment commitments made during this time period, including PacifiCal Debt II, a new core debt vehicle with Pacific Coast Capital Partners (PCCP). PCCP also partnered with CalSTRS on PacifiCal VI, a value-added JV which the public pension created back in October.

CalSTRS has a 12 percent target allocation to private real estate that currently stands at 12.6 percent. Platinum subscribers may click here for CalSTRS’ full profile, including key contacts, allocation strategy and fund investments.