OCTOBER 16, 2013

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CalSTRS commits $200 million to the housing sector

by Andrea Waitrovich

The $165.8 billion California State Teachers’ Retirement System (CalSTRS) has committed $200 million to its U.S. residential joint venture partner IHP Capital Partners.

IHP plans to use the capital to invest in single-family housing. The investment strategy involves traditional land and lot development, home building and entity-level home builder financing.

In 2010, CalSTRS selected IHP to manage a $125 million fund commitment to IHP Partners VI. CalSTRS owns 97 percent of the assets and IHP Capital Partners owns 3 percent in the venture.

CalSTRS has a target allocation to real estate of 15 percent and had an actual allocation to real estate of 13.82 percent, or $165.8 billion, as of August 2013.

IHP Capital Partners was established in 1992 through formation of a partnership with the California Public Employees’ Retire

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