WEST SACRAMENTO, Calif. and NEW YORK, Oct. 5, 2020 — The California State Teachers’ Retirement System (CalSTRS) has allocated $1 billion to Owl Rock Capital, a leading alternative asset manager focused on direct lending. The strategic partnership with a customized mandate will be distributed across the Owl Rock platform, including allocations to its opportunistic credit and diversified lending strategies.
“CalSTRS is pleased to work with an industry leader such as Owl Rock and views this partnership as an efficient way to generate portfolio returns on behalf of California’s educators,” said Scott Chan, CalSTRS Deputy Chief Investment Officer. “Our partnership aligns with the CalSTRS Collaborative Model investment strategy, which focuses on leveraging our partners to reduce costs, increase investment returns and control risk.
“We are proud to have been selected by a high-performing and innovative investor such as CalSTRS to help them deliver a secure retirement to the teachers of California,” said Douglas Ostrover, Co–Founder and the Chief Executive Officer of Owl Rock Capital Partners. “This mandate reflects the breadth of our capabilities across the direct lending landscape and our ability to leverage those capabilities to craft customized solutions that are tailored to the objectives of our clients. We look forward to a long and successful partnership with CalSTRS as we work together to provide value to their stakeholders.”
CalSTRS provides a secure retirement to more than 964,000 members whose CalSTRS-covered service is not eligible for Social Security participation. Members retire on average after more than 24 years in the classroom with a monthly benefit of approximately $4,547. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with approximately $262.5 billion in assets under management as of August 31, 2020. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative Sustainability Report.
About Owl Rock Capital
Owl Rock Capital, together with its subsidiaries (“Owl Rock”), is a New York based direct lending platform with over $20 billion of assets under management as of September 30, 2020. Owl Rock is comprised of a team of seasoned investment professionals with significant and diverse experience from the world’s leading investment firms and financial institutions. Owl Rock’s relationship-oriented approach to investing provides companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the entire investment process.