CalSTRS Expands New, Next Generation Private Equity Manager Program
Invesco Private Capital will Manage Additional $250 Million
WEST SACRAMENTO, CA – CalSTRS, the California State Teachers’ Retirement System, announced today the $250 million expansion of its New and Next Generation Private Equity Manager Program with Invesco Private Capital (IPC). The program’s assets under management now total $550 million.
CalSTRS defines new and next generation managers as private equity professionals seeking to raise their first, second or third institutional fund. The introduction of additional funds will amplify the tangible success the program has achieved since its inception in 2005.
“I am pleased we are continuing our seven year partnership with IPC and I am confident in their ability to build a corps of untapped, under-scouted private equity firms eager to prove themselves,” said CalSTRS Chief Investment Officer Christopher J. Ailman. “We’re excited that the influx of CalSTRS capital, through IPC, will expand our exposure to successful emerging manager funds.”
Invesco will consider funds across a spectrum of stages and industry sectors focused on buyouts, venture capital, and other private equity opportunities. The New and Next Generation Private Equity Manager program is part of CalSTRS commitment to emerging private equity managers. The foundation of the program is to partner with diverse private equity firms that represent the demographics of California.
The California State Teachers’ Retirement System, with a portfolio valued at $153.7 billion as of April 30, 2012, is the largest teacher pension fund and second largest public pension fund in the United States. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans, as well as disability and survivor benefits. CalSTRS serves California’s 856,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.
Invesco Private Capital, part of Invesco , is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of its distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to retail, institutional and high net worth clients in more than 20 countries, The company is listed on the New York Stock Exchange under the symbol IVZ.
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