Scott Chan

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.

But we also benefit from the growth of Fairfield as well, because we own land. the general partnership we own, the asset manager, so to speak. New areas are complex. They may not have a five-year track record behind that, but if we have the expertise and we can build the expertise with our staff to mirror that of our partners, we can also invest in that complexity for the benefit of CalSTRS.

But we also benefit from the growth of Fairfield as well, because we own land. the general partnership we own, the asset manager, so to speak. New areas are complex. They may not have a five-year track record behind that, but if we have the expertise and we can build the expertise with our staff to mirror that of our partners, we can also invest in that complexity for the benefit of CalSTRS.

But we also benefit from the growth of Fairfield as well, because we own land. the general partnership we own, the asset manager, so to speak. New areas are complex. They may not have a five-year track record behind that, but if we have the expertise and we can build the expertise with our staff to mirror that of our partners, we can also invest in that complexity for the benefit of CalSTRS.

one of the number one things that we look for, or sort of one, two, and three, is we look for managers that have a competitive advantage. Number two, we're looking for a desire to create more value together, right? Things like what we do with collaborative model transactions.

one of the number one things that we look for, or sort of one, two, and three, is we look for managers that have a competitive advantage. Number two, we're looking for a desire to create more value together, right? Things like what we do with collaborative model transactions.

one of the number one things that we look for, or sort of one, two, and three, is we look for managers that have a competitive advantage. Number two, we're looking for a desire to create more value together, right? Things like what we do with collaborative model transactions.

The third is we want some, in the major categories, shared principles around a whole host of how we think about investing for the long term. How are you building your teams? How are you getting diverse ideas? So those are some of the characteristics that we are really looking for. But if I were to, in each one of those, probably we could go into a 30-minute conversation.

The third is we want some, in the major categories, shared principles around a whole host of how we think about investing for the long term. How are you building your teams? How are you getting diverse ideas? So those are some of the characteristics that we are really looking for. But if I were to, in each one of those, probably we could go into a 30-minute conversation.

The third is we want some, in the major categories, shared principles around a whole host of how we think about investing for the long term. How are you building your teams? How are you getting diverse ideas? So those are some of the characteristics that we are really looking for. But if I were to, in each one of those, probably we could go into a 30-minute conversation.

But if I were just to stick on the competitive advantage piece of it, in Fairfield's case, they're one of the top principles. 10 producers of real estate in the country. And we felt that they were going to be able to grow in a number of adjacencies. They felt that too.

But if I were just to stick on the competitive advantage piece of it, in Fairfield's case, they're one of the top principles. 10 producers of real estate in the country. And we felt that they were going to be able to grow in a number of adjacencies. They felt that too.

But if I were just to stick on the competitive advantage piece of it, in Fairfield's case, they're one of the top principles. 10 producers of real estate in the country. And we felt that they were going to be able to grow in a number of adjacencies. They felt that too.

We look like an attractive partner because if you think about another asset manager acquiring Fairfield Residential, for example, in this case, they would also have a lot of those adjacencies already covered by other acquisitions they did with other asset managers, right? And so what we provide is the capability of growing together with them.

We look like an attractive partner because if you think about another asset manager acquiring Fairfield Residential, for example, in this case, they would also have a lot of those adjacencies already covered by other acquisitions they did with other asset managers, right? And so what we provide is the capability of growing together with them.

We look like an attractive partner because if you think about another asset manager acquiring Fairfield Residential, for example, in this case, they would also have a lot of those adjacencies already covered by other acquisitions they did with other asset managers, right? And so what we provide is the capability of growing together with them.

And that's a very powerful incentive for any asset manager to want to partner with us is this idea that over the long term, we're very committed to for example, building residential housing in the United States, if I look forward a decade, I think this is going to continue to be a major part of what CalSTRS does.

And that's a very powerful incentive for any asset manager to want to partner with us is this idea that over the long term, we're very committed to for example, building residential housing in the United States, if I look forward a decade, I think this is going to continue to be a major part of what CalSTRS does.

And that's a very powerful incentive for any asset manager to want to partner with us is this idea that over the long term, we're very committed to for example, building residential housing in the United States, if I look forward a decade, I think this is going to continue to be a major part of what CalSTRS does.

And so that long-term investing in the ability to help them grow into adjacencies, in this case, I think was very, very compelling for them. And if you looked at their alternative, being acquired by another asset manager, well, the other asset manager, chances are they've got a number of these adjacencies already covered through other parts of the business. And so