California State Teachers' Retirement System's outlook on real estate for 2009 has been highlighted by its relative inactivity when comparing its Q1 2009 investment activity with that of the corresponding quarter from the previous year. In Q1 2008 the retirement system committed USD 1 billion to real estate markets. However, a year on CalSTRS committed USD 41 million in 2009's first quarter. An example of a Q1 2009 commitment is the USD 20 million to Fortress Investment Fund III, an opportunistic private equity real estate fund. The capital was invested through a PIK Note to help clear some of the vehicle's debt. The retirement system's modest approach to real estate is indicative of investor sentiment to the asset class in 2009. Investors allocated USD 16 billion to private equity real estate funds in Q1 2009, USD 16 billion less than the USD 32 billion committed in Q1 2008.