CalSTRS is America’s second largest PPF, and it sits across the Sacramento River from the largest one, CalPERS. The former provides retirement benefits to circa a million California public school educators. In the past few years, CalSTRS has emerged as an active partner and advocate for Sustainability issues. Despite being smaller than CalPERS, it is much bigger of a private market investor, with almost a third of the portfolio (USD 75 billion) allocated to properties, infrastructures, private equities and hedge funds.