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CalSTRS commits $756m to global real estate

by Zoë Wolff

The $191.4 billion California State Teachers’ Retirement System has committed approximately $756 million to four international real estate funds, according to recent meeting documents.

The biggest commitment comes in the form of $500 million to The Blackstone Group’s new global core-plus fund, Blackstone Property Partners International. The fund is seeking to raise $1.8 billion, according to the pension fund. This is Blackstone’s second core-plus real estate fund but the first to target markets outside the United States.

Blackstone’s first core-plus fund, Blackstone Property Partners, was launched in 2014. CalSTRS recently increased its commitment to the fund and now has invested $500 million in BPP. Other investors in the open-end fund include the Arizona State Retirement System, the

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