The California State Teachers Retirement System (CalSTRS) purchased nearly 33.25 million shares of Ares Management during the second quarter.
This acquisition increased the pension fund's total holdings to approximately 33.56 million shares.
CalSTRS now owns 10.16% of the company.
The total stake carries a market value of approximately $3.74 billion.
Separately, the California Public Employees’ Retirement System (CalPERS) committed $800 million to two Ares real estate funds during the first quarter.
These large-scale investments signal strong institutional conviction in the asset manager's strategy and future prospects.