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- April 1, 2015: Vol. 27, Number 4

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CalSTRS invests nearly $1.2b in real estate

by Andrea Waitrovich

The nation’s second-largest public pension fund, the $186.4 billion California State Teachers’ Retirement System invested $1.17 billion in real estate during fourth quarter 2014, according to the system’s recent investment committee quarterly activity report.

For its core portfolio, CalSTRS invested $468 million in follow-on commitments to three separate investments. The retirement system invested $200 million in an Asian venture with LaSalle Investment Management that aims to create a diversified real estate portfolio in major urban centers in Japan and Australia. Another $200 million was invested with GI Partners in the LCOR Platform, which focuses on opportunities on the East Coast with high barriers to entry, favorable supply and demand fundamentals, and projected rent growth. CalSTRS originally invested $200 million in the venture in May 2013. The follow-on commitment is structured as a $100 million unfettered allocation increase to the venture and allows up to $10

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