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Real estate

CalSTRS boosts commitment to Belay Investment

Contractors stand in front of a 61-unit housing project under construction in Los Angeles

California State Teachers' Retirement System, West Sacramento, has made an additional $100 million commitment to real estate manager Belay Investment Group to invest in real estate developers and operators, Michelle Mussuto, spokeswoman for the pension fund, said in an email.

CalSTRS originally committed $200 million to Belay for the strategy as part of the $222.5 billion pension fund's emerging manager program. Belay has invested $120 million in joint ventures with three operators pursuing niche investment strategies: redeveloping urban retail, creating workforce housing for members of the Hispanic middle class; and developing and running combined creative office and multifamily complexes.