CalSTRS committed $5.5 billion in the first half of 2019, including 21 funds, eight co-investments and one diversified secondary co-investment, according to documents on the $241.3 billion West Sacramento-based pension fund's website.
The managers and type of co-investments and diversified secondary co-investment, which totaled $475 million, were not identified.
California State Teachers' Retirement System committed $1.55 billion to three Blackstone Group funds during the period: $750 million to global buyout fund Blackstone Capital Partners VIII, $650 million to North American buyout fund Blackstone Strategic Partners VIII and $150 million to North American buyout fund Blackstone Energy Partners III. As of March 31, Blackstone was CalSTRS' largest private equity manager relationship, with the firm managing a portfolio with a market value of $1.9 billion across 26 investment vehicles including seven co-investments and investments in seven GSO credit funds. GSO is Blackstone's credit business.
CalSTRS staff also committed $500 million to a European buyout fund, Permira VII. Permira Advisers is CalSTRS' fifth-largest private equity manager relationship, managing a $805 million portfolio that includes two co-investments and an investment in Permira Growth Opportunities I.
The staff also committed $300 million to Advent Global Private Equity IX, a buyout and growth equity fund managed by Advent International; and $300 million to Summit Partners Growth Equity Fund X, a North America buyout fund; and $280 million to TA XIII, a North American buyout fund managed by TA Associates, all existing CalSTRS managers. Summit Partners is CalSTRS fourth-largest private equity manager relationship running a portfolio valued $541 million, including four co-investments and a fund investment in Summit Accelerator Fund, Summit Partners Credit Fund, Summit Partners Europe Growth Equity I and II, Summit Partners Venture Capital Fund II and III, and Summit Subordinated Debt Fund III and IV.
Pension fund officials also committed $250 million each to secondaries fund of funds strategy Ardian VIII-SMA; to AlpInvest Partners strategic separately managed account, for which CalSTRS is the only limited partner; AlpInvest is Carlyle Group's private equity secondary market and co-investment fund business. Carlyle is CalSTRS' second-largest private equity manager relationship, with an $878 million portfolio that includes five co-investments and fund investments in Carlyle Europe Partners III, Carlyle Europe Partners IV, Carlyle Europe Partners V and Carlyle Asia Partners V.
CalSTRS committed $250 million to Trident VIII, a North America and Europe buyout fund focused on financial services that is managed by Stone Point Capital. CalSTRS has committed to past Stone Point funds, including Trident Fund VII. It also committed $225 million to New Enterprise Associates 17, a North America venture capital fund. CalSTRS has committed to NEA funds in the past, including New Enterprise Associates 16.
Pension fund officials committed $200 million each to Fortress Credit Opportunities Fund V, a global credit fund managed by Fortress Investment Group; and Lone Star Fund XI, a global distressed debt fund managed by Lone Star Funds.
Pension fund officials also committed $150 million each to Searchlight Capital III, a North America and Europe buyout fund managed by Searchlight Capital Partners; SSG Capital Partners V, an Asia credit fund managed by SSG Capital Management; and Arsenal Capital Partners V, a buyout fund. SSG Capital and Arsenal Capital are existing relationships; Searchlight Capital is new.
Rounding out CalSTRS' commitments for the first half of the year are $88 million to Technology Crossover Ventures X, a North America venture capital fund that focuses on technology firms; $50 million to Orbimed Royalty & Credit Opportunities III, a fund that will buy royalty rights to health-care inventions managed by OrbiMed Advisors; $30 million to Vista Equity Endeavor Fund II, a North America buyout fund managed by Vista Equity Partners; $25 million to Shasta Ventures VI, an early stage venture capital fund; and $43 million to LAV Biosciences Fund V, a venture capital fund managed by Lilly Asia Ventures.
