|
Sacramento, CA – Mike DiRe has been selected as director of real
estate for the California State Teachers’ Retirement System. DiRe,
38, has fifteen years experience in real estate and finance, most recently
as a real estate portfolio manager at the California Public Employees’
Retirement System.
DiRe will direct a staff of four who manage a real estate investment
portfolio of $3.2 billion as of April 30, 2000. Real estate is a growing
area of investment within the CalSTRS investment management plan. CalSTRS
is working toward a $5.5 billion (5 percent) strategic target in the $111
billion investment portfolio. Since April 1998, real estate investments
have increased by $1.3 billion.
The CalSTRS real estate portfolio consists of traditional properties,
such as offices, apartments, retail and industrial and non-traditional
properties, such as hotels. In addition, the portfolio includes partnerships
and commingled fund investments.
DiRe will assume his duties on July 1, 2000. He was selected following
a six-month nationwide search conducted by Heidrich and Struggles to fill
the vacancy at the nation’s third largest pension fund. The position
opened following the November 1999 departure of Mitch Pleis.
"Mike was the top candidate based on his balanced career experience
in both the public and private sectors and knowledge in core and specialized
real estate investments," said Chief Executive Officer James D. Mosman.
"Under his direction, we expect the real estate portfolio to increase
its positive impact on the overall portfolio."
A Sacramento native, DiRe holds a Bachelors of Science degree with honors
in business administration from California State University, Sacramento.
After completing his degree, DiRe joined Liquidity Fund Financial Group
in Emeryville as a senior analyst. He then worked for Paterson Financial
Services in Lafayette and Deloitte and Touche Real Estate Consulting Group
in San Francisco before joining CalPERS in 1994.
At CalPERS, DiRe is currently responsible for the Core Retail Portfolio
with an unleveraged value of approximately $2 billion. In addition, DiRe
has had leading roles in developing or managing such programs as the California
Urban Investment Partners, Single Family Land Development, CalPERS Indexed
REIT Portfolio and CNL Triple Net Leasing Program.
Established by law in 1913, CalSTRS provides retirement benefits to more
than 161,400 of the state’s retired public school teachers and their
families. More information on CalSTRS is available at its Web site, www.calstrs.ca.gov.
###
|
