CalSTRS entered into a joint venture with First Industrial Realty Trust to invest in U.S. industrial property. The California State Teachers' Retirement System, Sacramento, is expected to contribute up to $300 million, and First Industrial will contribute $33 million in equity. The venture is expected to have a capitalization of 35% equity and 65% debt. CB Richard Ellis advised the $125 billion pension fund on the venture. JPMorgan Chase Bank provided a $100 million credit facility to the new venture.