The $321.3 billion California State Teachers’ Retirement System (CalSTRS) has invested in six real estate funds, for a total of $1.363 billion, in the first half of 2023.
The largest investment is $797 million in PacificCal Debt II, a joint venture with PCCP, the Los Angeles–based real estate firm. PacificCal Debt II will invest in debt secured by core real estate in the United States. PCCP has a history of originating senior and mezzanine loans that fund value-add business plans, properties that are being repositioned in the market, construction loans, loans on vacant buildings, loans for discounted payoff and discounted note acquisitions and permanent loans on stabilized properties. CalSTRS had already invested $495 million in PacificCal Debt II in 2018 and invested $297 million in PacificCal Debt V in 2021.
CalSTRS is also investing $200 million in LDP Cal I, a controlled multifamily joint venture from CalSTRS and the manager Jair Lynch Real Estate Partners. The
