CalSTRS commits $800m to real estate
The $189.08 billion California State Teachers’ Retirement System has invested $800 million into six real estate funds during the quarter ended June 30.
For its core portfolio, the pension plan invested $200 million each in Jamestown Premier Property Fund, a core/core-plus open-end fund sponsored by Jamestown targeting office, retail and mixed-use assets, and PCCP LLC’s PCCP Credit VI, which seeks to create a portfolio of high-quality, customized loans designed to provide absolute return, current income and downside protection.
The Jamestown investment was CalSTRS’ first commitment to the firm. The PCCP investment was a follow-on commitment; the pension system previously invested in PCCP Equity VI and PCCP Mezzanine Recovery Partners I.
CalSTRS’ core portfolio currently holds 122 investments with a new asset valu