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National Institute on Retirement Security Hosts 12th Annual Retirement Policy Conference on April 12 -14th
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CalSTRS CEO Jack Ehnes and PCCP partner Jim Galovan (Photos via iStock, CalSTRS, PCCP)
The nation’s second largest public pension fund and an investment firm are placing a big bet on build-to-rent housing.
California State Teachers’ Retirement System and Pacific Coast Capital Partners have formed a $1 billion joint venture to invest in the fast-growing single-family housing sector, according to the Los Angeles Business Journal.
The venture will focus on build-to-rent communities in primary and secondary markets across the country. It will acquire existing properties and construct new single-family developments.
CalSTRS and PCCP have so far paid $240 million for five build-to-rent properties in Atlanta; Jacksonville, Florida; Nashville, Tennessee; and Raleigh, North Carolina.
CalSTRS Aims for New $2 Billion Sustainable Portfolio
Pension plan officials believe they can build a new private markets allocation without sacrificing investment targets.
The California State Teachers’ Retirement System (CalSTRS) plans to build a private markets sustainable investment portfolio to go greener while aiming to maintain its investment returns.
The investment committee of the $282.5 billion pension system, the largest teachers’ retirement fund in the world, is expected to approve the new portfolio at its meetings next week.
The pension system’s plan calls for investments of $1 billion to $2 billion in the next couple of years much of it in real estate affordable housing investments, as well as in private equity and infrastructure according to CalSTRS investment committee material.
CalSTRS participant retirements jump in second half of 2020
Top 3 reasons related to COVID-19 pandemic; CalPERS retirements hold steady
CEO Jack Ehnes said retirements were up 26% at CalSTRS.
CalSTRS had an unexpected large wave of teacher retirements, 3,202 in the last six months of 2020, up 26% from the year-earlier period, said Jack Ehnes, CEO of the $283.4 billion pension fund.
In an internal survey of retirees, 62% of the 517 respondents indicated they had retired earlier than planned, according to the survey conducted by the staff at the California State Teachers Retirement System, West Sacramento.
The top three reasons selected by the respondents for taking an early retirement: 56% of the retirees said they made the decision due to the challenges of teaching during the COVID-19 pandemic, 35% did not want to continue working remotely and 35% did not want to risk exposure to COVID-19.
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