September 8, 2016
San Francisco-based DivcoWest Properties received a $200-million commitment from the California State Teachers Retirement System (CalSTRS) to its commingled DivcoWest Fund V. The investment was made as part of CalSTRS’ value-add real estate portfolio, which seeks investment opportunities, in targeted markets, that focus on office and R&D assets.
Among the selected target markets are the San Francisco Bay Area, Seattle, Boston, Austin and Washington, D.C. The commitment would give the investor a 13% stake in the fund that’s targeting a $1.6-billion capital raise this year.
Other recent large public pension fund commitments to DivcoWest include Oregon Public Employees Retirement Fund ($250 million) and Teacher Retirement System of Texas ($200 million).
For comments, questions or concerns, please contact Dennis Kaiser