People Moves: CalSTRS appoints Mike DiRe as Senior Investment Director of Private Markets

Press Release - The California State Teachers' Retirement System on Monday of last week published an announcement regarding the appointment of Mike DiRe into the newly created office of Senior Investment Director of Private Markets. DiRe, who was previously Director of Real Estate, is the senior leader over the private markets: Real Estate, Private Equity and Inflation Sensitive. DiRe will report to Deputy Chief Investment Officer Scott Chan.

As CalSTRS' Director of Real Estate, DiRe provided investment expertise to the chief investment officer, deputy chief investment officer and the Investment Committee. He played an integral role in building direct relationships through joint ventures and real estate operating company investments. During his tenure, CalSTRS added and expanded diversification strategies, including single-family housing developments, private debt, international investments and real estate investment trusts, which are companies that own or finance real estate. Recently, CalSTRS Real Estate has been expanding efforts in board initiatives on environmental, social and governance.

DiRe became the Director of CalSTRS' Real Estate Portfolio in 2000 after working for seven years at CalPERS. Prior to that, he worked for eight years in the private sector as a real estate consultant and investment analyst. DiRe holds a Bachelor's Degrees in Business Administration from California State University, Sacramento.

"It has been wonderful leading our Real Estate team, and I'm grateful for the opportunity to join forces with Private Equity and Inflation Sensitive," DiRe said. "During these challenging economic times, we'll continue to seek advantageous alternative investments to expand and protect the Teachers' Retirement Fund."

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About CalSTRS

CalSTRS provides a secure retirement to more than 1 million members and beneficiaries whose CalSTRS-covered service is not eligible for Social Security participation. On average, members who retired in 2021-22 had 25 years of service and a monthly benefit of $4,809. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with $302.1 billion in assets under management as of December 31, 2022. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Sustainability Report. For more information, visit CalSTRS.com.