The $321 billion California State Teachers’ Retirement System (CalSTRS) has promoted Julie Donegan to the position of real estate investment director.
She replaces Mike DiRè, who is now CalSTRS’ senior investment director of private markets and is the first woman at the helm of the $50.5 billion real estate portfolio that is slightly overweight its 15% allocation target.
In her new role, Donegan provides real estate investment expertise to CalSTRS staff as well as board trustees. She also is tasked with executing the board’s real estate investment policy and is now a member of CalSTRS’ senior leadership team.
“Julie is the right person at the right time to lead the CalSTRS Real Estate team,” DiRè said in a statement. “Her experience working in the public and private sectors along with her collaborative personality give Julie the ability to manage CalSTRS’ unique portfolio of investments and investment managers through the current challenging market environment and into the future.”
Donegan joined CalSTRS as a real estate portfolio manager in 2019, most recently focusing on residential assets while serving as interim director of Real Estate. As a portfolio manager, Donegan oversaw Fairfield, CalSTRS’ largest real estate operating partner; played a lead role in a key affordable housing investment in California; and participated on internal net zero and diversity, equity and inclusion teams.
Before CalSTRS, Donegan worked 15 years in the private sector, most recently as a senior vice president for Franklin Templeton in Sacramento.
She added, “I look forward to building upon the foundation of success established by Mike DiRè over the past two decades. Our Real Estate team is well positioned to navigate market challenges and opportunities to meet the needs of California’s public educators and help secure their retirement.”
