CalSTRS invests in three JVs

The $237 billion California State Teachers’ Retirement System (CalSTRS) has formed three joint ventures for its real estate portfolio.

The pension fund invested $278 million of equity in a joint venture with Principal Real Estate Investors to invest in core logistics with an unnamed operating partner.

It also invested $250 million in a joint venture with Waterton to invest core apartment assets and another $250 million to a joint venture with Fairfield Residential to invest in affordable housing.

All three joint ventures were formed this year.