SoLa Impact, a leading minority-led real estate fund focused on affordable and workforce housing in California's Black and brown communities, announced that the California State Teachers' Retirement System (CalSTRS) has anchored SoLa's second close with a $50 million equity commitment into its "Black Impact Fund."
CalSTRS' investment combines commitments from the pension fund's Real Estate and Sustainable Investment & Stewardship Strategies (SISS) units through its partnership with Belay Investment Group, CalSTRS' emerging manager conduit.
"Our dedicated portfolio seeks to achieve superior financial returns while creating demonstrable social and environmental outcomes. The investment with SoLa Impact is our first real estate investment within SISS and aligns with our goals," Kirsty Jenkinson, CalSTRS' SISS investment director, said in prepared remarks.
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