CalSTRS committed $4.9 billion to private equity in the first half of 2020, including $3 billion during the second quarter, according to a consultant report on the $253.6 billion pension fund's website.
California State Teachers' Retirement System, West Sacramento, committed $500 million to Ares Private Opportunities 2020, a holding vehicle encompassing commitments to Ares Corporate Opportunities VI, a buyout fund, Ares Special Opportunities I, a debt-related fund, and a debt-related co-investment vehicle, all managed by Ares Management.
The system also committed €400 million ($474 million) to CVC European Equity Partners VIII, a European upper middle-market buyout fund managed by CVC Capital Partners; $425 million to Blackstone Core Equity Partners II, a long-hold buyout fund managed by Blackstone Group; $350 million to buyout fund Clayton, Dubilier & Rice XI; and $300 million and $50 million, respectively, to buyout fund Francisco Partners VI and growth equity fund Francisco Partners Agility II, both managed by Francisco Partners.
Also, the system committed $300 million and $100 million, respectively, to buyout fund Thoma Bravo XIV and lower middle-market buyout fund Thoma Bravo Discover Fund III; $250 million to opportunistic credit fund Fortress Credit Opportunities Fund V Expansion and a co-investment vehicle, both managed by Fortress Investment Group; and €200 million to Vitruvian Investment Partnership IV, a buyout fund managed by Vitruvian Partners.
Also during the first half of 2020, CalSTRS committed $150 million to Hg Saturn 2, an upper middle-market buyout fund, $110 million to Hg Genesis 9, a middle-market buyout fund and $25 million to Hg Mercury 3, a lower middle-market buyout fund, all managed by HgCapital.
CalSTRS also committed $150 million each to Advent Latin America Private Equity Fund VII, a buyout fund managed by Advent International; GI Data Infrastructure Fund, a value-added infrastructure fund managed by GI Partners; and Spectrum IX, a growth equity fund managed by Spectrum Equity Management.
Finally, also during the first half of 2020, the system committed $110 million to growth equity fund Summit Partners Europe Growth Equity Fund III and $100 million each to CVC Asia V, an Asia-Pacific buyout fund managed by CVC Capital Partners; buyout fund Rubicon Technology Partners III; middle-market buyout fund Tenex Capital Partners III; and Vista Foundation Fund IV, a small buyout fund managed by Vista Equity Partners Management. Also, $90 million went to venture capital fund Summit Partners Venture Capital Fund V; and $75 million to SVB Capital Strategic Investors Fund X, a venture capital fund of funds managed by SVB Capital.
CalSTRS also during the first half of 2020 made commitments to nine co-investment funds:
- $75 million to T-VIII Co-Invest-A, managed by Stone Point Capital.
- $75 million to BXLS V Supplemental Account-C, managed by Blackstone Group.
- $70 million to AP Fort Co-Invest and $50 million to AP IX Tiger Co-Invest, both managed by Apollo Global Management.
- $61 million to Riverstone Echo Rollover Fund, managed by Riverstone Holdings.
- €50 million to Hg Athena Co-Invest, managed by Hg Capital.
- £43 million H&F Speedster Partners, managed by Hellman & Friedman.
- €20 million to BC European Capital-Hercules Co-Investment, managed by BC Partners.
- $2 million to Lanai Holdings I, managed by Madison Dearborn Partners.