Investors - MARCH 26, 2018

CalSTRS plans to invest $795m in U.S. real estate

by Jody Barhanovich

The $219.5 billion California State Teachers’ Retirement System is planning to invest almost $800 million in U.S. real estate through a partnership with PCCP and Beacon Capital, according to a semi-annual activity report.

CalSTRS plans to commit $495 million in real estate debt through a joint venture with PCCP, PacificCal Debt II, and $300 million to Beacon Capital Strategic Partners VIII fund, according to the report.

PacificCal Debt II is a core real estate fund, while Beacon Capital Strategic Partners VIII follows a value-added approach. The previous fund in the Beacon Capital series, Beacon Capital Strategic Partners VII, raised $1.082 billion, while Beacon Capital Strategic Partners VI raised $2.54 billion, and Beacon Capital Strategic Partners V raised $4.04 billion.

In the second half of 2017, CalSTRS closed roughly $4.4 billion of real estate commitments to new and existing partners. Roughly $925 million was in closed-end commingled fund structures. Another $650 million was put into low-volatility debt strategies.

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