CalSTRS committed a total of $1.7 billion to private equity in the six months ended Dec. 31.
The $311.5 billion California State Teachers' Retirement System, West Sacramento, committed $250 million each to ASF IX, a North American secondary market buyout fund managed by Ardian; HarbourVest Lower Middle Market Fund VII, a North American special mandate fund targeting small and emerging company buyouts managed by HarbourVest Partners; and Blackstone Tactical Opportunities Fund IV, a global multistrategy fund targeting aerospace and defense, digital infrastructure, enterprise software, gaming, health-care, insurance, specialty finance, consumer services, and business services companies. CalSTRS has invested with all three managers in the past.
CalSTRS also committed $150 million to Apax XI, an upper-middle and large buyout fund managed by Apax Partners; $125 million to buyout fund Spectrum Equity X; and $100 million to Ares Special Opportunities Fund II, a debt fund managed by Ares Management. CalSTRS has invested with all three managers in the past.
Pension fund officials also committed $30 million to Bessemer Venture Partners XII, a North American early and middle-stage technology venture capital fund; and $20 million to Bessemer Venture Partners Forge I, a North American buyout fund focusing on lower- to middle-market software and technology-enabled companies. Bessemer is a new relationship for CalSTRS.
CalSTRS also made a combined $483 million in nine private equity co-investments, including a total of $240 in three co-investments with Blackstone, $75 million in a software deal alongside Hellman & Friedman, $75 million in a software transaction with Carlyle Group and $75 million in an industrials investment with The Jordan Group.