CalSTRS commits $925m to three real estate funds

The $228 billion California State Teachers’ Retirement System has committed a total of $925 million to three real estate funds, according to Michelle Mussuto, media relations for CalSTRS, and its investment committee semiannual activity report, as of Dec. 31, 2018.

The first commitment was $400 million into BCal II, a joint venture fund with Beacon Capital Management. It is a core real estate fund that invests in office properties.

The second commitment was $125 million to FRO MA I, a managed account relationship with Fortress, and $225 million to its sidecar fund. The opportunistic fund invests in multiple real estate assets.

The third commitment was $175 million to Curzon Capital Partners 5 Long-Life fund, managed by Tristan Capital Partners. The value-add real estate fund will invest in multiple real estate assets.

As of Dec. 31, 2018, CalSTRS’ net asset values in regard to real estate investment strategy commitments include: $20.3 billion in core