California State Teachers' Retirement System's trustee board on Friday gave investment staff continued authority to commit up to $300 million in infrastructure investments without board approval.
The retirement staff of the West Sacramento-based pension fund already had the authority to commit up to $500 million in private equity and up to $1 billion in real estate without board approval.
The smaller limit for infrastructure has to do with the fact that it is a small allocation for CalSTRS. Only about $1 billion of the pension fund's total $181.1 billion in assets is invested in infrastructure.
The pension fund's total target allocation to infrastructure is $4 billion, but CalSTRS' investment officials have had difficulty in finding suitable investments.