Searches and Hires

CalSTRS slates initial $200 million for joint venture with 3650 REIT

California State Teachers' Retirement System, West Sacramento, has committed an initial $200 million that could grow to $500 million to a joint venture with 3650 REIT, a private commercial mortgage real estate investment trust, said Michael Sicilia, spokesman for the $228 billion pension fund.

The joint venture will originate bridge and event-driven loans.

The REIT was launched in April by Jonathan Roth, Toby Cobb and Justin Kennedy. Mr. Roth had been president of real estate firm Canyon Partners Real Estate. Messrs. Cobb and Kennedy are co-founders of 3650 REIT's real estate South Florida developer subsidiary, Grass River Property.

Shareholders of 3650 REIT include funds managed by TPG Sixth Street Partners, TPG's credit business.

"CalSTRS has a long-standing working relationship with 3650 REIT co-founder Jonathan Roth. Because of our relationship with him and the team he and his partners have assembled, we're confident that our new joint venture will bring the returns we expect," said Mike DiRe, CalSTRS' director of real estate, in a written statement. Mr. DiRe made the investment under his delegated authority.