CalSTRS commits $756m to global real estate
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