DECEMBER 6, 2013

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CalSTRS commits $780m to noncore real estate

by Reg Clodfelter

The $176 billion California State Teachers’ Retirement System has committed $780 million to noncore real estate, as detailed in the retirement system’s latest quarterly activity report, investing $305 million in three value-added funds and $475 million in three opportunistic funds. No commitments were made to any core vehicles during the third quarter.

The pension fund made a $50 million follow-on investment in the Brookfield Fairfield U.S. Multifamily Value Add Fund II, which will acquire and develop multifamily properties in the United States while targeting a 12 percent to 14 percent IRR. Fairfield Residential, the value-add fund’s manager, was recapitalized by Brookfield and CalSTRS in 2010 after receiving Chapter 11 protection and is now Brookfield’s platform for U.S. multifamily investments.

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