CalSTRS made about $1.27 billion in private equity commitments in the first half of 2016, said an activity report prepared for the $193.4 billion pension fund’s Sept. 14 board meeting.
The California State Teachers’ Retirement System, West Sacramento, committed $1.19 billion to the following funds:
- $300 million to Ares Corporate Opportunities Fund V, managed by Ares Management;
- $300 million to Apax IX, managed by Apax Partners;
- $250 million to Thoma Bravo Fund XII;
- $150 million to Advent Global Private Equity VIII, managed by Advent International;
- $75 million to Tenex Capital Partners II, managed by Tenex Capital Management;
- $50 million to ACON Equity Partners IV, managed by ACON Investments; and
- $60 million to GGV Capital — $45 million to GGV Capital VI and $15 million to GGV Capital VI Plus.
All are buyout funds with the exception of GGV Capital VI and GGV Capital VI Plus, which are global venture capital funds. GGV Capital VI will target companies with significant business traction in the U.S. and China. GGV Capital VI Plus will invest in later rounds of GGV VI’s companies. ACON, Ares, Tenex and Thoma Bravo are North American-focused buyout funds. Apax and Advent are global buyout funds.
Additionally, CalSTRS committed about $83 million in five co-investments combined in the first half of 2016. A spokesman could not immediately provide additional information.
As of June 30, CalSTRS had a 9% allocation to private equity and target of 13%.
