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Sacramento, CA - The California State Teachers' Retirement System has
selected Altius Associates Limited as its advisor for international alternative
investment partnerships. Altius Associates, with offices in London, Copenhagen
and Richmond, Virginia, will recommend non-U.S. partnerships, perform
due diligence and assist and advise CalSTRS staff on those investment
opportunities.
"Altius provides the international experience and customized service
we need to continue the excellence of our AI portfolio," said Real
Desrochers, CalSTRS director of alternative investments. "We like
their hands-on approach with clients. They have an outstanding ability
to help us add value to the international AI portfolio."
Altius Associates was selected through a competitive process necessary
due to the expiration of the current general AI portfolio consultant contract
with Pathway Capital Management, LLC. Advisors to recommend U.S. partnerships
will be selected through a competitive process to begin later this summer.
CalSTRS' international AI portfolio can contain investments in Canada,
the United Kingdom and Continental Europe. Market value is currently $585
million with committed values of $1.4 billion. The total AI portfolio
has a market value of $4.4 billion with committed values of $8.8 billion
within CalSTRS' $100 billion investment portfolio.
The AI portfolio has generated a 20.4 percent compounded annual rate
of return since its inception in 1988. Last October, the CalSTRS Investment
Committee increased the alternative investment asset allocation from 5
percent to 8 percent. Projections estimate the AI portfolio will grow
to $11 billion by 2006, with the international portion expected to reach
$1.7 billion.
CalSTRS administers retirement, disability and survivor benefits for
California's public school educators in grades kindergarten through community
college, serving approximately 687,000 members and benefit recipients.
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