SACRAMENTO, Calif. — The $107 billion California State Teachers' Retirement System picked FIS Funds Management, Northern Trust Global Advisors and Frank Russell to run its new developing managers program. CalSTRS initially will allocate $600 million to developing U.S. equity managers — defined as firms managing less than $2 billion in assets. The program will be part of the fund's $12.3 billion actively managed U.S. equity portfolio.
Separately, $350 million was committed to TPG Partners IV, a buyout fund, and $100 million to Cerberus Institutional Partners (Series 3), a distressed-debt fund.
