CalSTRS, West Sacramento, has awarded a $150 million mandate to the global environment strategy of asset manager Ninety One, according to a news release.
The strategy is managed by Deirdre Cooper, Ninety One’s head of sustainable equity, and Graeme Baker, co-portfolio manager. The strategy is a concentrated global equity portfolio that looks to provide exposure to the growth opportunities related to decarbonization.
The strategy also focuses on identifying businesses where growth is driven by renewable energy, resource efficiency and electrification.
The California State Teachers' Retirement System had $337.9 billion in assets as of July 24. CalSTRS' Sustainable Investment and Stewardship Strategies team has deployed more than $1.3 billion into low-carbon investments.
Ninety One had $162 billion in assets under management as of June 30. Currently, a total of $4.2 billion is invested in the firm’s global environment strategy.
A CalSTRS spokesperson confirmed that the Ninety One commitment was part of its SISS portfolio, and that it was funded by reallocations from other strategies in that portfolio.
