CalSTRS committed $1 billion to private credit manager Owl Rock Capital for a custom mandate across the firm's business, including allocations to opportunistic credit and diversified lending strategies, CalSTRS spokesman Thomas Lawrence said in an email.
The strategic partnership aligns with "CalSTRS collaborative model investment strategy, which focuses on leveraging our partners to reduce costs, increase investment returns and control risk," said Scott Chan, deputy CIO of the $262.5 billion California State Teachers' Retirement System, West Sacramento, in a joint news release.
The strategic partnership is "an efficient way to generate portfolio returns on behalf of California's educators," Mr. Chan said.
