CalSTRS reconfigures real estate, REIT investment portfolio
The $242 billion California State Teachers’ Retirement System is planning to bolster its investment in REITs and increase its target allocation to real estate, according to a recently released board meeting document.
In September, CalSTRS said it was considering alternatives for a new four-year asset allocation cycle beginning in January 2020. The pension fund said it would begin discussing alternative allocations, followed by a formal adoption of long-term asset allocations, which includes real estate.
The pension fund has earmarked up to $500 million for investment in publicly traded REITs through two managers, CenterSquare Investment Management and Principal Global Investors. CalSTRS’ investment team implemented a REIT investment st