CalSTRS committed up to $859 million to private equity partnerships and co-investments at the end of 2004, including 250 million euros ($325 million) to Apax Europe VI, according to a report to the investment committee of the $126 billion California State Teachers' Retirement System, Sacramento.
The fund also committed £120 million ($226 million) to Alchemy Plan, which has an unusual structure of requiring three equal payments of £40 million spread over three years. Other commitments are: up to $100 million to Clayton, Dubilier & Rice VII; $50 million to Energy Spectrum Partners IV; up to $50 million to Frazier Healthcare V; and up to $40 million to Prism Venture Partners. Co-investments are: $20 million in Affinia Group Holdings Inc.; 17 million euros in The Automobile Association; and 20 million euros in Ahold Supermercados.
Separately, CalSTRS staff urged the board to oppose proposals requiring state workers hired after July 1, 2007, to enroll in new defined contribution plans. The proposals, sponsored by Gov. Arnold Schwarzenegger, Assemblyman Keith Richman and the Howard Jarvis Taxpayers Association, "represent a repudiation of CalSTRS' mission to secure the financial future and sustain the trust of California's educators," staff said in a memo to the board said.
