The California State Teachers’ Retirement System, the second-largest US public pension scheme with $164bn (€106bn) in assets under management, has awarded three contracts as part of its developing manager program as the scheme continues to shift assets to external managers.

The three managers—Access Capital Strategies, Community Capital Management and fund-of-funds Leading Edge Investment Advisors—will be allocated a total of $300m to 500m, though Calstrs has not yet determined the specific amounts for each.