CalSTRS committed a total of $1.8 billion to real estate and $3.9 billion to private equity including co-investments in the six months ended Dec. 31, CalSTRS reported.
Between July 1 and Dec. 31, the $282.5 billion California State Teachers' Retirement System, West Sacramento, commitments included an additional $650 million to an office joint venture with Beacon Capital Management known as BCal II JV . It also committed an additional $250 million to Fairfield AHF. In 2019, CalSTRS acquired a majority interest Fairfield Residential Co. LLC from Brookfield Asset Management. Brookfield retained its investment manager interest in Fairfield's real estate funds.
CalSTRS also committed $300 million to a residential developer Hearthstone for a real estate debt joint venture, Cal Hearthstone Debt JV and $250 million to a real estate debt joint venture with 3650 REIT.
CalSTRS committed $125 million to Waterton Residential Property Venture XIV, a U.S. value-added multifamily property fund; and another $100 million to CrossHarbor Strategic Debt Fund, an open-end fund managed by CrossHarbor Capital Partners.
CalSTRS also committed $44 million to Blackstone BioMed Life Science Real Estate, a perpetual capital real estate core-plus fund. The fund was formed in 2020 when Blackstone Group recapitalized BioMed Realty Trust for $14.6 billion. BioMed had been an investment for an earlier Blackstone opportunistic real estate fund, Blackstone Real Estate Partners VIII. CalSTRS was an investor in Blackstone Real Estate Partners VIII and made a $75 million co-investment alongside Blackstone BioMed Life Science Real Estate in the first half of 2020.
Separately, CalSTRS committed a total of $2.2 billion to more than 10 funds and another $1.7 billion for more than 15 co-investments between July 1 and Dec. 31.
CalSTRS committed $300 million each to GI Partners VI, a North American buyout fund; and KKR Asian Fund IV, an Asian buyout fund.
Pension fund officials also committed $250 million each to the TAO 2020 vintage year fund, an evergreen opportunistic credit fund managed by Sixth Street Partners; and Apollo Hybrid Value Fund II, a fund investing in private credit and private equity managed by Apollo Global Management.
CalSTRS committed $200 million to AlpInvest Co-Investment Fund (Onshore) VIII, a global buyout fund; and $125 million to AlpInvest SSMA, a buyout co-investment strategic separately managed account targeting co-investments of $25 million or less and overflow deals from AlpInvest Co-investment Fund VII and other AlpInvest strategies; both funds are managed by Carlyle Group's AlpInvest Partners unit.
CalSTRS also committed $200 million each to Resolute Fund V, a middle-market North American buyout managed by The Jordan Co.; and TCV XI, a growth equity fund managed by Technology Crossover Ventures.
The pension fund committed an additional $150 million to Fortress Credit Opportunities Fund V Expansion, an opportunistic credit fund managed by Fortress Investment Group. It also committed $100 million to Riverwood Capital Partners III, a North America middle-market buyout fund managed; $72 million to GGV Capital VIII, a global venture capital fund; $30 million to GGV Discovery III, an early stage global venture capital fund; and $18 million to GGV Capital VIII Plus, a sidecar fund to GGV Capital VIII.
CalSTRS also made a $50 million commitment to North American venture capital fund OrbiMed Private Investments VIII, managed by OrbiMed Advisors.
Private equity co-investments during the period included a $150 million co-investment with Blackstone in the North American financial information technology sector. It committed $125 million to Summit Partners Co-Invest (Indigo), a North American information technology fund; $40 million to Summit Partners Co-Invest (Lions), a North American health-care fund; and $30 million to Summit Partners Co-Invest (Sumo), a North American private equity fund.
Pension fund officials also made a $125 million co-investment called Saturn Opportunities with GI Partners. CalSTRS also made a $125 million co-investment to Hg Vardos Co-Invest, an European information technology investment; and $40 million to Hg Secular Co-Invest, a global information technology investment, both managed by Hg Capital.
