SACRAMENTO — CalSTRS committed up to $859 million to private equity partnerships and co-investments at the end of 2004, including €250 million ($325 million) to Apax Europe VI, according to a report to the investment committee of the $126 billion California State Teachers' Retirement System.
The fund also committed £120 million ($226 million) to Alchemy Plan; 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 in The Automobile Association; and €20 million in Ahold Supermercados.
It also committed $416 million to real estate partnerships and joint ventures in November and December, including $161 million to two international investments, according to a staff memo to the pension fund's board.
The fund committed up to €74 million to NIAM Nordic Investment Fund III, CalSTRS' first real estate investment in the Nordic region. It also committed $75 million to Black Creek Group's Mexico Retail Properties fund.
Also, the fund committed $100 million to the THOR Urban Operating Fund, a commingled pool designed to invest in underserved urban markets. CalSTRS also committed money to three joint ventures: $100 million to a 95/5 venture with Center Oak Properties, which will invest in West Coast retail shopping centers; $85 million into a 75/25 venture with Regency Centers Corp. to buy grocery-anchored and community shopping centers; and $60 million to Federal Acquisition Partners, which will buy office buildings primarily leased to U.S. government agencies. Spaulding & Sly Colliers is the manager and co-investor for the latter investment.