Pension fund creates real estate debt joint venture and commits to value-add fund. : California State Teachers Retirement System (CalSTRS) is investing close to $800m (€648m) in US real estate through a new partnership with PCCP and a value-added fund managed by Beacon Capital Partners. A document provided by the pension fund shows it is investing $495m in real estate debt through a joint venture with PCCP called PacificCal Debt II. It is also committing $300m to Beacon Capital Strategic Partners VIII fund.