The $306 billion California State Teachers’ Retirement System (CalSTRS) has made $700 million of commitments to two investment vehicles structured as REITs.
A spokesperson for the pension fund confirmed that $400 million was invested in the value-add Workforce Housing REIT and $300 million in the core Safari II REIT. The two funds are managed by real estate investment manager PCCP, LLC.
The Workforce Housing REIT commitment was a first-time commitment for CalSTRS, while the Safari II REIT was a follow-on commitment. The pension fund previously committed $200 million to Safari I REIT in 2022.
As of Feb. 28, CalSTRS had a 16.89 percent allocation to real estate, against a target of 15 percent.