CalSTRS committed $400 million to Cherokee Investment Partners IV, a $1.2 billion pooled fund that will make investments in environmentally damaged real estate in the United States, and possibly in Canada and Western Europe. The $141.9 billion fund also committed $400 million to LNR Commercial Property Investment Fund, a $1 billion to $1.2 billion commercial and multifamily fund; $300 million to RREEF Global Opportunities Fund II; and $100 million each to True North Mezzanine Investment Fund and CB Richard Ellis Strategic Partners US IV.
The California State Teachers' Retirement System, Sacramento, also committed up to $100 million to a retail joint venture with Levcor Properties that will invest in shopping centers in the Southwest. The pension fund also expanded an existing joint venture, Waterton Residential Property Fund VII and VIII, by an additional $290 million, raising CalSTRS' commitment to $500 million.
In co-investments, CalSTRS acquired a $39.2 million co-investment alongside Heitman Value Partners Fund. It will also co-invest up to $95 million in a consortium led by MSREF V International that will buy the retail development unit of AM NV, a Dutch real estate company.