CalSTRS disclosed just over $1.2 billion in real estate commitments and investments completed during the third and fourth quarters of 2024 in a real estate commitment activity report on its website.
The $349.5 billion California State Teachers’ Retirement System, West Sacramento, committed $350 million directly and in co-investments to BlackChamber Real Estate Opportunity Fund II, an opportunistic real estate fund managed by Black Chamber Partners; $200 million directly and in co-investments to SCREP VIII, an opportunistic real estate fund managed by PAG; $150 million directly and in co-investments to DivCore Fund VII, a multistrategy real estate fund managed by DivcoWest; invested $150 million each in a residential real estate joint venture with Fairfield Residential, and a self-storage real estate joint venture with Nuveen; invested $100 million in a joint venture with CenterSquare Investment Management focused on the essential service retail sector; committed $75 million to 3650 Stable Cash Flow, a real estate debt fund managed by 3650 Capital; and $50 million directly and in co-investments to TriGate Property Partners V, an opportunistic real estate fund managed by TriGate Capital.
As of Dec. 31, the pension fund’s actual allocation to real estate was 13.2%; the target is 15%.
