CalSTRS committed $50 million to SoLa Impact's Black Impact Fund, an affordable and workforce housing fund, through the $319.8 billion pension fund's joint venture with Belay Investment Group, spokesman Bill Ainsworth confirmed in an email.
CalSTRS' commitment was from its real estate, and sustainable investment and stewardship strategies with Belay, which manages an emerging managers program for the California State Teachers' Retirement System, West Sacramento.
SoLa's Black Impact Fund has raised $250 million in total commitments so far and has a $300 million fundraising target, a news release said.
"The investment with SoLa Impact is our first real estate investment within SISS and aligns with our goals," said Kirsty Jenkinson, CalSTRS' SISS investment director in the news release. "We are delighted to work with the SoLa team, our colleagues in the CalSTRS real estate team and our partners at Belay to expand affordable and workforce housing in California."
