CalSTRS committed $580 million to real estate debt manager 3650 REIT for a new joint venture, Stable Cash Flow II, spokeswoman Vanessa Garcia said in an email.
The $283.4 billion California State Teachers' Retirement System, West Sacramento, had first committed $200 million in 2018 to an earlier joint venture with 3650 REIT, a private REIT, aimed at originating bridge and event-driven loans. CalSTRS eventually increased its commitment to a total of $500 million in 2020. Other shareholders included debt manager Sixth Street Partners, which was then TPG's credit business.
Since its inception in 2018, 3650 REIT has closed on more than $640 million in its bridge and event-driven lending strategy and $2.7 billion in its long-term, stable cash flow strategy, according to a news release.