The California State Teachers’ Retirement System (CalSTRS) has reportedly committed $800m to non-core managers including distressed assets investor Kildare Partners and CBRE Global Investors.
This means the pension manager has earmarked half its real estate allocation, according to PERE.
Last year CalSTRS bought a basket of East Coast real estate assets from bankrupt investment bank Lehman Brothers Holdings.
The $189bn pension system bought a controlling stake in real estate investment, management and development company LCOR in a deal that valuing the assets at more than $800m.
Investment firm CBRE Global Investors secured $70m for its $500m-targeting second Chinese fund earlier this year.
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