CalSTRS signaled its intention to boost its investments in secondary private-equity partnerships. "In the current environment, we expect opportunities to increase for these secondary interests,” said Sherry Reser, spokeswoman for the $105 billion California State Teachers’ Retirement System, Sacramento. Proposed procedural changes, which will be considered at the Wednesday CalSTRS investment committee meeting, would make it easier for staff to invest in secondary interests, which CalSTRS describes as being less risky and offering enhanced returns over primary partnerships. The system has about $250 million in secondaries.
Separately, CalSTRS committed $89 million to Apax Europe V and $200 million to CVC European Equity Partners III. The system also committed $5 million to Liberman Broadcasting and took a 21.9% stake in Roller Bearing Co.