By Staff
Two portfolio directors from the California State Teachers’ Retirement System’s investment team are retiring in 2025.
During a recent board meeting, Scott Chan, CalSTRS’ chief investment officer, announced that Steven Tong, director of risk mitigating strategies, will be retiring after 41 years with the pension plan. Tong launched the Risk Mitigating Strategies portfolio, overseeing its growth. The portfolio accounts for nearly 9% of the pension plan’s total investment portfolio.
As well, Michael DiRè, senior investment director of private markets, will retire after joining CalSTRS more than 20 years ago to head its real estate division. As of Dec. 31, 2024, real estate accounted for 13.2% of the plan’s total portfolio. During DiRè’s tenure, the real estate portfolio grew from $2B to more than $46B as of this spring.
