CalSTRS made its first commitment to international core real estate, committing $200 million to the Invesco Real Estate Asia Fund, according to the $183.8 billion pension fund's latest real estate investment activity report.
The recently released report covers the activity period for the quarter ended March 31.
The pension fund will invest in a diversified core portfolio of real estate in Asia gateway markets with the focus of early investments being in Japan and Australia, according to the report.
California State Teachers' Retirement System, West Sacramento, also committed $500 million to Waterton Residential Property Venture XII, a value-added fund that acquires underperforming multifamily assets in the U.S.
On the private equity front, the activity report for the period ended March 31 shows the following commitments:
- $200 million to Clayton, Dubilier & Rice Fund IX, a $5 billion buyout fund.
- $100 million to Castlelake III. The U.S. and European distressed debt fund closed at $1.4 billion.
- $125 million to TPG Capital's TPG Opportunities Partners III. The distressed debt fund is raising $2.4 billion.
- $67 million to Alchemy Special Opportunities Fund III, an approximate $800 million fund, managed by Alchemy Partners, will focus on distressed debt special situation investments in Europe.
