Investors - OCTOBER 15, 2014

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Oklahoma Teachers dives into noncore real estate

by Reg Clodfelter

The $14.2 billion Teachers’ Retirement System of Oklahoma has committed $300 million to noncore real estate divided among six different managers, with $215 million divided evenly between American Realty Advisors, Antheus Capital, Starwood Capital Group and Dune Real Estate Partners, $50 million committed to GreenOak Real Estate Partners, and $35 million to Landmark Partners, says Tom Spencer, interim executive director with the retirement system.

OTRS originally planned to commit $50 million to Landmark, but the firm couldn’t take the full $50 million by the time of the board’s approval, so the remaining $15 million was divided among the four managers whose funds were still open.

The commitments are part of the second stage of OTRS’ real estate investment program, through which the retirement system will aim to provide additional diversification and return by investing in noncore funds. OTRS’ real estate portfolio was launched in

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