CHM, a SEC-registered investment advisor, was engaged by the California State Teachers' Retirement System (CalSTRS) to act as an independent fiduciary, providing oversight of hospitality investments in numerous funds representing approximately $1.55 billion of committed capital. Hospitality real estate investments includes a wide-range of property types and locations, including both domestic and international assets. CHM is responsible for evaluating CalSTRS' current and future hospitality investments, including an assessment of the experience, performance history and management capabilities of funds and fund managers, assessing and recommending hospitality industry investment strategies, identifying and assessing on-going risk factors, and preparing asset valuation and timely reporting of performance and key investment metrics to CalSTRS. CalSTRS is the largest U.S. teachers' retirement fund and the nation's second largest public pension fund with assets totaling just over $130 billion (as of October 2008).