The California State Teachers’ Retirement System (CalSTRS) said it committed over $1.2B to private equity strategies and $900M to direct co-investments in the first half of the year.
In a recently published semi-annual private equity performance review from consultant Meketa and dated September 25, CalSTRS listed 14 completed commitments from the first half of 2024:
- Cortec Group VIII (middle market buyout): $100M
- Blackstone Capital Partners IX (large buyout): $250M
- Spark Capital VIII (early-stage venture capital): $10M
- Spark Growth Fund V (growth private equity): $20M
- ICG Strategic Equity Fund V (secondary private equity): $100M
- Searchlight Capital Partners IV (middle market buyout): $75M
- TPG Asia VIII (growth private equity): $100M
- FP Credit III (debt private credit): $100M
- Vistria V (middle market buyout): $50M
- Senior Housing Newco (early-stage venture capital): $2M
- Peak Rock Capital IV (growth private equity): $165M
- Tenex Capital Partners IV (growth private equity): $125M
- Lone Star XII (opportunistic real estate): $100M
- Zephyr Syndication (middle market buyout): $50M
The bulk of commitments were in middle-market buyouts and growth private equity, totalling $275M and $410M, respectively. The pension also made 11 undisclosed PE co-investments totaling $900M.
On the performance front, Meketa said the CalSTRS PE portfolio has increased in value by $4.3B between March 31, 2023, and September 25, and generated $412M of positive cash flows since the 2023 mid-year report a year ago.
