Investor watch: CalSTRS, CPP lead commitments through Q3

New York State Teachers' Retirement system followed, raising $400bn.

The California State Teachers’ Retirement System and CPP Investments were among the most active allocators to commercial real estate debt strategies through the end of the third quarter of 2023, according to data from Real Estate Capital USA.

Sacramento-based CalSTRS allocated $797 million to PCCP’s PacificCal Debt II fund while CPP Investments invested $585 million with Harbor Group International’s HGI Multifamily Credit Fund. Offerings from Mesa West Capital, KSL Capital, Artemis Real Estate Partners, and Raith Capital Partners all also received commitments of more than $100 million from pension funds and other institutional investors.

The largest funds in the market include offerings from Berkshire Residential Investments, Bridge Investment Group, and Madison Realty Capital, all of which are raising funds with targets of more than $2 billion.