Searches and Hires

CalSTRS commits more than $3.2 billion to 16 funds in first half of year

The $213.7 billion California State Teachers' Retirement System, West Sacramento, made 16 commitments to private equity and venture capital funds totaling more than $3.2 billion in the six-month period ended June 30, shows the semiannual private equity snapshot report posted on CalSTRS' website.

The largest commitment was $500 million to Blackstone Core Equity Partners, a Blackstone Group buyout fund. Other commitments include $300 million each to Apollo Investment Fund IX, a buyout fund managed by Apollo Global Management; EnCap Energy Capital Fund XI, an oil and gas fund managed by EnCap Investments; and New Enterprise Associates 16, a venture capital fund. CalSTRS committed $250 million each to Clayton Dubilier & Rice Fund X, a buyout fund, and GI Partners Fund V, a middle-market buyout fund.

Additional commitments include €250 million ($298 million) to CVC Capital Partners VII, a buyout fund with the main focus on Europe and a secondary focus on the U.S.; €153 million to Vitruvian Investment Partnership III, a buyout fund managed by Vitruvian Partners; $180 million KKR Asian Fund III, a buyout fund managed by KKR & Co. focused on growth-oriented investments in Asia and Australia; and $100 million to Peak Rock Capital Credit Fund II, a lower middle-market credit and distressed fund.

Also, CalSTRS committed $150 million to Stone Point Capital's Trident Fund VII, a buyout fund focused on financial services, and $100 million to SSG Capital Partners IV, a middle-market special situations fund managed by SSG Capital Management.

Additionally, in venture capital, $30 million was committed each to BRV VI, an early-stage technology fund managed by BlueRun Ventures focusing on the U.S., and LAV Biosciences Fund IV, a venture capital fund focusing on health-care investments managed by Lilly Asia Ventures, as well as a $25 million commitment to SVB Capital Partners IV, an early-stage venture capital fund.

Also, $250 million was committed to CalSTRS New and Next Generation Manager Fund IV, a buyout and venture capital fund of funds focused on new and next generation managers, run by Invesco (IVZ) Private Capital.