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Calif. pension fund commits $600M to raise real estate allocation target

The California State Teachers' Retirement System is committing $600 million of fresh capital to the U.S. property sector in a bid to boost its real estate allocation target in April to 13% from 12%, IPE Real Assets reported, citing a board meeting document.

The pension fund's real estate portfolio amounted to $31.4 billion at 2018-end, representing 14.6% of its total assets. It can go three percentage points above or below its target, the March 22 report added.

Following its $875 million investment in three real estate strategies in early March, the fund committed $300 million to the ResCal Investments opportunistic housing partnership in the U.S. with real estate-focused private equity group ResMark LLC. The pension fund owns 98% of the joint venture.

Additionally, it agreed to inject $100 million into Lionstone Investments' US Value-Add Five fund, which is looking to raise $600 million to invest in office, retail and mixed-use properties across the U.S.

The pension fund also committed $200 million to the recently established 3650 Cal Bridge Lending joint venture with 3650 REIT, according to the report.