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CalSTRS commits $3.9bn to PE

The US-based pension fund has made commitments across 23 funds.

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Institution: California State Teachers’ Retirement System
Headquarters: Sacramento, US
AUM: $301.6 billion
Allocation to private equity: 16%

California State Teachers’ Retirement System has confirmed $3.9 billion worth of commitments across 23 private equity funds, following its August board meeting.

CalSTRS committed $300 million to Apollo Investment Fund X. CalSTRS had a previous relationship with Apollo Global Management. A further total commitment of $150 million was made to OrbiMed Advisors across two funds: $75 million to OrbiMed Private Investments IX and $75 million to OrbiMed Royalty & Credit Opportunities IV.

A commitment of $250 million was made to Blackstone’s private equity secondaries fund: Strategic Partners IX. CalSTRS had also committed to Strategic Partners VIII and Strategic Partners VII.

CalSTRS committed $120 million to HgCapital Saturn 3. It has a standing relationship with Hg.

Other commitments made in H1 2022 include: $300 million to Alpinvest C. Fund II, $200 million to Arsenal Capital Partners VI, $50 million to Arsenal Growth Fund I, $100 million to Advent Global Technology II, $40 million to NEA 18, $60 million to NEA Venture Growth Equity, $350 million to Permira VIII, $100 million to Thoma Discover Fund IV, $300 million to Thoma Bravo XV, $125 million to Riverwood Capital Partners IV, $200 million to WCAS XIV, $100 million to Francisco Partners Agility III, $300 million to Francisco Partners VII, $225 million to JMI Equity XI, $100 million to Rubicon Technology Partners IV, $300 million Advent International GPE X and $100 million to Oak HC/FT Partners V.

The US pension fund has allocated 16% to private equity, a greater amount than its target allocation of 13%. Its recent fund commitments strategy has been predominantly focused on North American buyout vehicles.

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