Scott Chan

I don't think there is an ideal way that we collaborate. with our partners. And that's why I think the key word, and if I were to just summarize in one word, it's collaboration, right? We want to sit down with our partners and do what makes sense. And that differs, right?

I don't think there is an ideal way that we collaborate. with our partners. And that's why I think the key word, and if I were to just summarize in one word, it's collaboration, right? We want to sit down with our partners and do what makes sense. And that differs, right?

I don't think there is an ideal way that we collaborate. with our partners. And that's why I think the key word, and if I were to just summarize in one word, it's collaboration, right? We want to sit down with our partners and do what makes sense. And that differs, right?

It differs by the type of transaction, the type of market, as well as the capabilities of our partners, because our partners are all organized differently as well in terms of their governance structure. for us to do well, it's really by being flexible.

It differs by the type of transaction, the type of market, as well as the capabilities of our partners, because our partners are all organized differently as well in terms of their governance structure. for us to do well, it's really by being flexible.

It differs by the type of transaction, the type of market, as well as the capabilities of our partners, because our partners are all organized differently as well in terms of their governance structure. for us to do well, it's really by being flexible.

And I can give you an example, but again, we can traverse from just an LP interest all the way to ownership and Fairfield Residential, for example, is an example of a cloud remodel transaction where CalSTRS has majority ownership. And so if you think about the current real estate cycle, I know that it's been depressed for a few years,

And I can give you an example, but again, we can traverse from just an LP interest all the way to ownership and Fairfield Residential, for example, is an example of a cloud remodel transaction where CalSTRS has majority ownership. And so if you think about the current real estate cycle, I know that it's been depressed for a few years,

And I can give you an example, but again, we can traverse from just an LP interest all the way to ownership and Fairfield Residential, for example, is an example of a cloud remodel transaction where CalSTRS has majority ownership. And so if you think about the current real estate cycle, I know that it's been depressed for a few years,

But long term, if you think about residential housing in the U.S., which is essentially what Fairfield Residential focuses on, we think that that's going to be undersupplied for the foreseeable future.

But long term, if you think about residential housing in the U.S., which is essentially what Fairfield Residential focuses on, we think that that's going to be undersupplied for the foreseeable future.

But long term, if you think about residential housing in the U.S., which is essentially what Fairfield Residential focuses on, we think that that's going to be undersupplied for the foreseeable future.

So if we looked out five or ten years, even after the great boom and bust in 08-09, we just never saw the supply come back the way it should have to meet the type of demand demographics that we have here in the U.S. For us, it's very strategic. to have ownership in Fairfield, which is, you know, for us then can act as an extension of staff, right?

So if we looked out five or ten years, even after the great boom and bust in 08-09, we just never saw the supply come back the way it should have to meet the type of demand demographics that we have here in the U.S. For us, it's very strategic. to have ownership in Fairfield, which is, you know, for us then can act as an extension of staff, right?

So if we looked out five or ten years, even after the great boom and bust in 08-09, we just never saw the supply come back the way it should have to meet the type of demand demographics that we have here in the U.S. For us, it's very strategic. to have ownership in Fairfield, which is, you know, for us then can act as an extension of staff, right?

We have 250 investment professionals, for example, here at CalSTRS, but Fairfield does call it 1400, right? They're in every sub market, they're in 30 plus sub markets in the United States. They're in almost every one that matters, right? They're a top 10 producer of residential real estate. And so that really puts us on the ground floor to capitalize on opportunities and sourcing

We have 250 investment professionals, for example, here at CalSTRS, but Fairfield does call it 1400, right? They're in every sub market, they're in 30 plus sub markets in the United States. They're in almost every one that matters, right? They're a top 10 producer of residential real estate. And so that really puts us on the ground floor to capitalize on opportunities and sourcing

We have 250 investment professionals, for example, here at CalSTRS, but Fairfield does call it 1400, right? They're in every sub market, they're in 30 plus sub markets in the United States. They're in almost every one that matters, right? They're a top 10 producer of residential real estate. And so that really puts us on the ground floor to capitalize on opportunities and sourcing

And as an example, we were then early with them on developing affordable housing. And as prices continue to go up, the definition of affordable housing in the United States keeps keeps growing because we have majority ownership. We also anchored a number of those strategies and we benefited from those investments in affordable housing.

And as an example, we were then early with them on developing affordable housing. And as prices continue to go up, the definition of affordable housing in the United States keeps keeps growing because we have majority ownership. We also anchored a number of those strategies and we benefited from those investments in affordable housing.