SACRAMENTO, Calif. — CalSTRS committed $100 million to VantagePoint Venture Partners V, a multistage venture capital fund. In other private equity deals, the $140 billion California State Teachers' Retirement System committed up to $75 million to AG Capital Recovery Partners V, a distressed debt fund run by Angelo Gordon; $70 million to TCV VI, a late-stage venture capital fund focusing on technology companies run by Technology Crossover Ventures; $20 million to Giza Venture Fund IV, an early stage Israeli venture capital fund; and up to $14 million to Pond Ventures III, an early stage European venture fund targeting technology companies.
The system also made the following real estate commitments: $350 million to Beacon Capital Strategic Partners IV, investing in U.S. and European office buildings; ; $100 million to the Starwood SDL Hospitality Co-investment Fund, which invested in Starwood's July 2005 acquisition of Societe du Louvre, a large European hotel network, and the hotel network's parent company, Groupe Taittinger; and $70 million to Paladin Realty Latin American Investors II, which will invest in affordable and middle-income housing projects in Latin America. The system also increased its equity allocation to Center Cal, a retail property joint venture between Center Oak Properties and the pension fund, to $350 million from $100 million.
In co-investments, CalSTRS committed £17.2 million ($30.8 million) to Gala Group, a co-investment in the Nottingham, England-based gambling company, alongside Permira Europe III. The fund also committed $20 million to QTC Management, a Diamond Bar, Calif.-based evaluator of disability claims, alongside Spectrum Equity Investors IV, and $31 million to CDR CCMG Co-Investor, a co-investment vehicle formed by Clayton, Dubilier & Rice to participate alongside CDR VII in the purchase of Hertz Corp. CDR is part of a private equity consortium that includes Carlyle Partners and Merrill Lynch Global Private Equity.